AfriTin Mining Ltd (AIM:ATM) said its tin production increased 20% quarter-on-quarter to 136 tonnes in the three months to end November.
The tin was produced from the company's flagship Uis mine in Namibia, which produced 220 tonnes of tin concentrate, containing the 136 tonnes of tin metal. It exceeded the nameplate production target of 108 tonnes of tin metal by 26% for the quarter.
Ore tonnes processed increased by 17% quarter-on-quarter to 149,000 tonnes.
"We are pleased to present a solid set of operational results that exceed our internal production targets,” said chief executive Anthony Viljoen. “Sustained improvements in operational efficiencies have resulted in substantial increases in ore processed and concentrate produced.”
“These results provide us with the momentum to progress rapidly with the expansion of our Phase 1 plant at Uis, and serve as proof of concept for the planned, large-scale Phase 2 facility. By leveraging economies of scale and the multi-commodity potential of Uis, we are confident of achieving our ultimate aim of establishing a tier-one tech-metal mining and processing operation."
Construction of the Phase 1 expansion project at Uis is on track and on budget, the company said.
Under the Phase 2 expansion, AfriTin is targeting 10,000 tonnes of tin concentrate, 350,000 tonnes of lithium concentrate and 1,000 tonnes of tantalum concentrate per year from Uis.
The all-in sustaining cost (AISC) for the Uis operation improved 22% quarter-on-quarter to US$23,290 per tonne of contained tin. While the price the mining company received for its tin grew 14% to US$39,025 per tonne.
The AISC is expected to continue to decline as the Phase 1 expansion project progresses.