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AfriTin sells its first tin shipment, with more on the way

The initial shipment amounted to six tonnes grading more than 60% tin

AfriTin Mining Ltd -

AfriTin Mining Ltd (LON:ATM) has completed its first sale of tin concentrate from the Uis tin mine in Namibia.

A second shipment of tin concentrate has also been dispatched.

The company’s recently completed pilot plant at Uis increased throughput by an average of 63% month-on-month between November 2019 to January 2020;

The concentrate is trucked to the port of Walvis Bay in Namibia, then shipped to a customer Thailand. The offtake agreement provides for an 80% prepayment for each shipment upon bill of lading in Walvis Bay.

Current processing capacity stands at 11,400 tonnes per month. The company expects to continue to ramp-up plant production over the next six months to nameplate of 45,000 tonnes of ore to the plant and the production of 60 tonnes of tin concentrate per month.

"The first shipment of tin concentrate and first revenues from the Uis tin mine in three decades marks a significant milestone for the company and the Erongo region of Namibia,” said Anthony Viljoen, chief executive of AfriTin.

"We will continue to deliver this operation as we ramp up production to nameplate of 60 tonnes of tin concentrate per month. Combined with a JORC-compliant mineral resource estimate of 95,539 tonnes of contained tin, we are well placed to advance the project to the goal of establishing an enlarged mining and processing facility."

 

Quick facts: AfriTin Mining Ltd

Price: 2.6 GBX

AIM:ATM
Market: AIM
Market Cap: £16.98 m
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AfriTin's Uis tin mine in Namibia 'back on track and ramping up again'

Mining Capital's Alastair Ford says mining operations at AfriTin Mining Ltd's (LON:ATM) Uis tin mine have now returned to full scale following the easing of coronavirus (COVID-19) lockdown measures in Namibia. He says the lockdown has resulted in delays to planned throughput increases and...

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