AfriTin Achieves First Uis Tin Production, Signs Offtake Agreement

(Alliance News) - AfriTin Mining Ltd said Monday it achieved first tin concentrate production at ...

Alliance News 19 August, 2019 | 9:22AM
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(Alliance News) - AfriTin Mining Ltd said Monday it achieved first tin concentrate production at the Uis Tin mine in Namibia, whilst it also secured an offtake agreement.

This follows the completion of the phase one pilot plant in late July and progress on hot and cold commissioning.

Looking ahead, AfriTin will look to ramp up the plant to its design capacity of 500,000 tonnes of ore per annum, which is set to produce 60 tonnes of tin concentrate per month by the end of 2019.

In addition, AfriTin has signed a one-year offtake agreement with tin products manufacturer Thailand Smelting & Refining Co Ltd, allowing AfriTin to sell its tin concentrate and secure revenue.

Under the offtake agreement's terms, concentrate produced during the period of the offtake will be shipped to Thailand Smelting, also known as Thaisarco in Phuket.

Thaisarco will pay AfriTin on the basis of actual tin content in the concentrate at the lowest London Metal Exchange price.

"We are delighted that our vision of bringing this historic mine back into production after almost thirty years of closure has taken a significant step forward. After only two years, AfriTin is still the only pure-play producing tin company on AIM and this can be attributed to the commitment and dedication of the entire AfriTin team," said Chief Executive Officer Anthony Viljoen.

"The board of directors are pleased to partner with Thaisarco on the offtake of tin concentrate which signals a vote of confidence in the long-term development of the mine by a key player in the global, conflict-free tin concentrate market. Having produced first tin concentrate, concluded an offtake agreement and secured a working capital facility for the ramp-up phase of the pilot plant, AfriTin is on track to create the first revenue-generating, conflict-free asset in our portfolio," Viljoen added.

Shares in AfriTin Mining were up 6.1% at 3.71 pence on Monday in London.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
AfriTin Mining Ltd Ordinary Shares 3.05 GBX 0.00 -

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