Share Prices & Company Research

Market News

05 Aug 2020 | 09:39

AfriTin Mining tin concentrate production rises in July

(Sharecast News) - Africa-focussed tin mining company AfriTin Mining updated the market on operations at its Uis Tin Mine in Namibia on Wednesday, reporting monthly production of tin concentrate for July as increasing 79% month-on-month, to 35 tonnes. Tin concentrate production for the year-to-date totalled 112 tonnes.

The AIM-traded firm said the sixth shipment of tin concentrate was dispatched on 3 August, while tin concentrate assays averaged 65% contained tin, resulting in 93% payability.

It said the debottlenecking of the fines dewatering circuit was nearing completion, and added that an offtake agreement with the Thailand Smelting and Refining Corporation (Thaisarco) had been renewed for another 12 months.

Looking at the Uis pilot plant project, AfriTin said that for the first stage of phase 1, it was targeting the processing of 45,000 tonnes of ore per month, at a rate of 80 tonnes per hour, for the production of 60 tonnes of tin concentrate per month.

"Despite operational challenges related to Covid-19 and the production ramp-up during the first half of 2020, the performance of our Uis operation is displaying improvement, which, together with the rebound in the tin price and the successful completion of our recent capital raising, provide a strong platform for the rest of 2020," said chief executive officer Anthony Viljoen.

"We are delighted to have continued our relationship with offtaker, Thaisarco, and believe that this demonstrates confidence in our company.

"Building on the results of our improvement initiatives, we expect to further expand production at Uis, while simultaneously advancing our project studies towards the full implementation of phase 1."

At 0847 BST, shares in AfriTin Mining were down 2.73% at 2.14p.
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 15th January 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.