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AfriTin Mining generates £1mln from Uis as operations continue to ramp up

The resource base that supports production at Uis was recently expanded

AfriTin Mining Ltd -

AfriTin Mining Ltd (LON:ATM) generated revenue of just over £1mln during the six month period to June 2020, as operations at its Uis mine in Namibia continued to gain momentum after the recent start-up.

The loss before tax was also just over £1mln.

Post period end the phase 1 pilot plant has continued to ramp up and achieved a production record of 37.5 tonnes of tin concentrate in August 2020.

The company expects to complete the ramp-up to steady-state production of 60 tonnes of tin concentrate per month by the end of 2020.

Shipments of tin concentrate have been sold to Thaisarco under an agreement that has been renewed for a further 12 months. This is likely to increase revenues further as production continues to ramp up.

While the ramp up continues, the company will be supported by renewed and increased working capital and VAT facilities with Nedbank Namibia.

 

Quick facts: AfriTin Mining Ltd

Price: 2.4 GBX

AIM:ATM
Market: AIM
Market Cap: £19.53 m
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AfriTin Mining is in a 'very comfortable position' generating £1m revenue...

AfriTin Mining Ltd's (LON:ATM) Anthony Viljoen talks Proactive London through their latest six month report for the period to June 2020. Viljoen highlights the revenue generated - just over £1m during the six month period. He goes on to explain ramping up of production at its Uis mine in...

on 29/9/20

2 min read