AfriTin Mining Ltd (AIM:ATM, OTC:AFTTF) increased quarterly production and cut costs at the Uis mine in Namibia in the first quarter of its current year.
The miner said tin concentrate production for the three months to end May totalled 239 tonnes, up 11%, while tin in concentrate increased 13% QoQ to 152 tonnes.
Metal recovery reached 67%, which was a record, said AfriTin, while all-in sustaining costs excluding group overheads dropped 16% quarter on quarter on the back of the increased production and improved operational efficiencies.
However, the price AfriTin received for its tin dropped 24% to US$34,367 per tonne.
Anthony Viljoen, chief executive, added: "Our tin-producing operation at the Uis mine continues to deliver record-breaking performance.
“I am also pleased to note that the initiatives aimed at improving our unit costs are yielding positive results.
“The Phase 1 expansion project is nearing completion and will further strengthen our tin revenue base.
“The strong performance of the tin operation provides a solid platform for developing potential lithium and tantalum by-product revenue streams.”
AfriTin’s expansion project aims to increase tin production by approximately 60%. The main civil construction work has been completed and steel construction work is in progress, it said.