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(Alliance News) - AfriTin Mining Ltd on Friday said it hit milestones in the most recent financial year with its first shipment of tin concentrate in Namibia, but remains wary of the effects of Covid-19 on supply chains going forward.
The mining company with a portfolio of tin assets in Namibia and South Africa reported a pretax loss for the financial year ended February 29 of GBP1.8 million, widening from GBP1.1 million a year prior.
Revenue was up to GBP69,032 from GBP26,782 a year ago.
The company hit two milestones over the period. One was the initial production of tin concentrate through a newly constructed pilot processing plant. The other was recording its first revenue of GBP47,000 following a shipment of tin concentrate out of Walvis Bay in Namibia just before year end.
AfriTin said the revenue on top of the GBP47,000 from the tin shipment was produced from the sale of sand at Zaaiplaats tin mine in South Africa. The sale of sand at Zaaiplaats was the company's main source of revenue before its main project in Namibia started producing tin concentrate.
Capital expenditure for the pilot plant in Namibia amounted to GBP7.4 million, up from GBP4.7 million a year prior due to the construction of the processing plant as well as capitalised ramp-up and team costs.
The company will not be recommending a dividend.
Chair Glen Parson: "Despite the global tin market being small compared to other base metals, tin is predicted to be the metal most positively impacted by advances in new technologies such as robotics, renewables and energy storage, amongst others (according to a study done by the Massachusetts Institute of Technology in 2018). Clearly the more traditional uses for tin are the basis of the demand for the metal, but it is exciting to contemplate these new growth areas."
It is under this context that Chief Executive Anthony Viljoen said he looks forward to ramping up the company's mining efforts as well as scaling up its operations.
The company is however aware of the possible impacts of Covid-19, particularly on the supply chain, where in the case of further disruption the company may require additional funding.
Afritin additionally announced Friday the resignation of Non-Executive Director Roger Williams.
Williams' resignation comes as he would like to pursue other business interests and will take effect on September 29.
The company has no immediate plans to appoint a replacement.
AfriTin Mining shares were up 0.7% at 2.16 pence each on Friday afternoon in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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