TIDMATM
RNS Number : 2749D
AfriTin Mining Ltd
18 February 2020
18 February 2020
AfriTin Mining Limited
("AfriTin" or the "Company")
Uis Tin Mine Operational Update
AfriTin Mining Limited (AIM: ATM), a tin mining company with a
portfolio of assets in Namibia and South Africa, is pleased to
provide an operational update relating to its Phase 1 Pilot Plant
project ("Processing Plant") at its flagship asset, the Uis Tin
Mine ("Uis") in Namibia .
Highlights
-- Maiden sale of tin concentrate concluded;
-- Second shipment of tin concentrate has been dispatched from the Uis mine;
-- Processing plant throughput increased by an average of 63%
month-on-month from November 2019 to January 2020;
-- Debottlenecking of and enhancements to the Processing Plant
underway to increase throughput and achieve nameplate production of
60 tonnes of tin concentrate per month; and,
-- Appointment of Mr. Nico Smit as Vice President of Operations and Projects.
The first shipment of tin concentrate (6 tonnes grading more
than 60% Sn metal contained) has now been delivered to Thailand
Smelting and Refining Company ("Thaisarco") according to the terms
of the offtake agreement, as announced in August 2019. The
concentrate was produced by the Company's Phase 1 pilot mining and
processing facility at Uis during October and November 2019.
A second shipment of 20 tonnes of tin concentrate has been
dispatched from the mine. The concentrate is trucked to the port of
Walvis Bay in Namibia, then shipped to Thailand. The offtake
agreement provides for an 80% prepayment for each shipment upon
bill of lading in Walvis Bay.
Following initial production of tin concentrate, processing
plant throughput has increased by an average of 63% month-on-month
from 4,300 tonnes of ore in November 2019, to 5,800 tonnes in
December 2019, and to 11,400 tonnes in January 2020. 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 ramp-up is supported by a number of operational
commissioning initiatives including:
-- Transition from the current six-day plant roster to a
continuous 24/7 operation, pending the required government
approvals;
-- Debottlenecking of and enhancements to the Processing Plant,
in particular the fines tailings dewatering circuits which require
additional capacity due to a higher than expected fines ratio in
the Run Of Mine feed;
-- Expanding the on-site laboratory to facilitate metal
accounting and increased plant recovery; and,
-- Implementation of computerised maintenance management system
to support targeted plant availability.
The debottlenecking of the Processing Plant focusses on the
dewatering of the grits tailings (less than 630 microns),
dewatering of the slimes tailings (less than 45 microns) and
expanding the feed capacity to the spiral plant. Modifications that
are currently in progress are expected to more than double the
throughput capacity of these circuits.
The Company is also pleased to announce the appointment of Mr.
Nico Smit as Vice President of Operations and Projects. He is a
qualified processing engineer and brings a wealth of operational
experience to the team which includes process plant commissioning
and optimisation, and various executive management roles in the
mining sector. He joins the Company from his current position as
Regional Director Advisory at Hatch.
Anthony Viljoen, CEO of AfriTin Mining Limited commented:
"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.
"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 Sn, we are well placed to advance the project
to the goal of establishing an enlarged mining and processing
facility."
Glossary of abbreviations
JORC The Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves
Sn Elemental symbol for Tin
---------------------------------------------------
For further information, please visit www.afritinmining.com or
contact:
AfriTin Limited
Anthony Viljoen, CEO +27 (11) 268 6555
Nominated Adviser and Joint Broker
WH Ireland Limited
Katy Mitchell
Adrian Hadden
James Sinclair-Ford +44 (0) 207 220 1666
Corporate Advisor and Joint Broker
Hannam & Partners
Andrew Chubb
Jay Ashfield
Nilesh Patel +44 (0) 20 7907 8500
Joint Broker
NOVUM Securities Limited
Jon Belliss +44 (0)20 7399 9400
Financial PR (United Kingdom)
Tavistock +44 (0) 207 920 3150
Jos Simson
Barney Hayward
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014
About AfriTin Mining Limited
Notes to Editors
AfriTin Mining is the first pure tin company listed in London
and its vision is to create a portfolio of globally significant,
conflict-free, tin-producing assets. The Company's flagship asset
is the Uis Tin Mine in Namibia, formerly the world's largest
hard-rock tin mine.
AfriTin is managed by an experienced board of directors and
management team with a current two-fold strategy: fast track Uis
Tin Mine in Namibia to commercial production in 2020 as Phase 1,
ramping up to 5,000 tonnes of concentrate in a Phase 2 expansion.
The Company strives to capitalise on the solid supply/demand
fundamentals of tin by developing a critical mass of tin resource
inventory, achieving production in the near term and further
scaling production by consolidating tin assets in Africa.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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