Last checked at 
(Alliance News) - AfriTin Mining Ltd on Tuesday said its annual loss narrowed on reduced administrative expenses and increased sand sales.
In its year ended February 28, the miner's pretax loss totalled GBP1.1 million, shrinking from a GBP1.5 million loss for the six months to February 28 the year before. The company listed on London's AIM market in November.
Administrative expenses made up the bulk of this difference, dropping to GBP1.1 million from USD1.6 million. However, the company's financial 2019 year also benefited from GBP26,782 of revenue from the sale of sand at the Zaaiplaats project in South Africa, versus GBP17,826 from the six months to February 28 the year before.
The company did not, however, earn any revenue from the sale of tin concentrate, which is its primary activity. However, it does expect to begin production at its Uis project in Namibia very soon.
Chair Glen Parsons said: "We will focus on the goal of commissioning the phase 1 pilot plant and becoming a producer of tin concentrate. With production imminent at Uis, further attention will now be placed on confirming the JORC-compliant resource, and starting a full feasibility study. The appeal and scale of AfriTin's tin mineralisation at Uis and surrounding permit areas, the discovery of lithium pegmatites at the ML 133 licence, and the acquisition of further prospective license areas near Brandberg West all considerably enhance AfriTin's potential to realise additional value in the future.
"We look forward to the exciting upcoming months for AfriTin with the imminent production of tin at Uis and further developments as we advance to the larger phase 2 development of the mine."
Shares in AfriTin were up 1.5% at 3.50 pence in London on Tuesday.
