Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAndrada Mining. Share News (ATM)

Share Price Information for Andrada Mining. (ATM)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 4.65
Bid: 4.50
Ask: 4.80
Change: -0.10 (-2.13%)
Spread: 0.30 (6.667%)
Open: 4.75
High: 4.60
Low: 4.60
Prev. Close: 4.70
ATM Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Bushveld Sees Increase In Ore Reserves; Provides Loan To AfriTin (ALLISS)

Wed, 22nd May 2019 15:06

LONDON (Alliance News) - Bushveld Minerals Ltd on Wednesday reported data from the 2018 drilling campaign at the Vametco vanadium mine in South Africa.

Bushveld has a 74% interest in Bushveld Vametco Alloys Pty Ltd - a primary vanadium mining and processing company - the Mokopane vanadium project, and the Brits vanadium project.

The AIM-listed vanadium producer said the campaign comprised of 13 drillholes over a total of 1,506 meters of diamond drilling. Ore reserves have more than doubled to 279,100 tonnes, with the grade increasing by 3%. Indicated resources, meanwhile, have almost tripled to 965,900 tonnes.

Bushveld said the 31% increase in the 2019 mineral resource over the 2017 estimate is primarily attributed to reporting the mineral resource to a maximum depth of 150 meters below surface, versus 120 meters in 2017.

"Following a significant amount of exploration work, including drilling to greater depths, as well as a reinterpretation of the geological model to include the cut-off grade of the magnetite, we have been able to report a significant increase in ore reserves and grade from the 2017 estimate," said Chief Executive Fortune Mojapelo.

Separately, Bushveld said it has agreed to provide a short-term standby working capital support facility to AfriTin Mining Ltd to the sum of ZAR30.0 million, about GBP1.7 million.

Bushveld currently holds 9.5% of AfriTin.

The 12-months facility is meant to fund AfriTin's working capital requirements leading to expected tin mine commissioning this year, and subsequent longer-term refinancing.

Interest on this facility accrues at a rate of 12.5% per annum, payable quarterly, on drawn amounts, Bushveld said, and a facility fee equal to 1.0% of the facility amount. The drawn amounts are repayable at any time during the 12 months term at no additional cost to AfriTin.

"The funding support provided gives AfriTin the needed time to finalise its own longer-term debt financing on the back of anticipated tin production at Uis project later this year. The support provided therefore enables Bushveld Minerals to secure value in its remaining shareholding in the company and thereby facilitate for the eventual final exit from the tin business by the end of the facility term," explained Mojapelo.

Simultaneously on Wednesday, AfriTin announced it has raised GBP3 million via 99.6 million shares subscription at a price of 3 pence each. The fundraising price represents a discount of 9% to the closing price on Friday last week.

AfriTin shares were trading 6.1% lower on Wednesday at 3.10p each, while Bushveld shares were trading 3.5% higher at 29.75p each.

More News
6 Nov 2018 12:22

AfriTin Starts Validation And Exploration Drilling At Uis, Namibia

LONDON (Alliance News) - AfriTin Mining Ltd said Tuesday it started a phase one validation and exploration drilling at the Uis tin mine in Namibia.The programme is aiming to upgrade an data

Read more
25 Oct 2018 12:38

AfriTin Mining To Start Processing Plant Construction At Uis Tin Mine

LONDON (Alliance News) - Tin miner AfriTin Mining Ltd said Thursday it has completed construction of the civil earthworks and platforms at the Uis tin mine in Namibia.This has allowed to of

Read more
24 Oct 2018 10:36

AfriTin Expects "Transformational" Six Months After Posting Loss

LONDON (Alliance News) - AfriTin Mining Ltd said Wednesday that the second half of its financial year will be "transformational" as it recorded a loss for the first half.For the a

Read more
2 Oct 2018 10:21

AfriTin Mining To Acquire Two Mining Assets In Namibia For GBP850,000 (ALLISS)

LONDON (Alliance News) - AfriTin Mining Ltd said on Tuesday it has agreed to acquire Tantalum Investment (Pty) Ltd from Jan Jonathan Serfontein for GBP850,000, through the issue of 25.0 million at

Read more
2 Oct 2018 08:24

AfriTin Mining acquires Tantalum Investment's tin-tungsten licenses

(Sharecast News) - AfriTin Mining has agreed to acquire African-focused exploration and development outfit Tantalum Investment for a total of £850,000.

Read more
8 Aug 2018 16:19

UK Shareholder Meetings Calendar - Next 7 Days

Thursday 9 AugustNextenergy Solar FundPremier African MineralsFriday 10 events 13 events 14 15

Read more
7 Aug 2018 11:34

AfriTin Confident On Future Of Uis Mine Following Further Discoveries

LONDON (Alliance News) - AfriTin Mining Ltd said on Tuesday it has found numerous cases of surface mineralisation at its Uis tin mine in Namibia.AfriTin said it has delineated 180 new on on

Read more
21 Jun 2018 13:04

Naminco Lowers Stake In AfriTin Mining To 18% From 25% (ALLISS)

LONDON (Alliance News) - AfriTin Mining Ltd said Thursday that Naminco Ltd had decreased its stake in the African tin mining company to 18% after a transaction last Friday.Naminco lowered a

Read more
23 May 2018 13:57

UPDATE: AfriTin Mining Raises GBP5.5 Million Through Fundraise (ALLISS)

LONDON (Alliance News) - AfriTin Mining Ltd said on Wednesday it has raised GBP5.5 million through a placing and subscription of 223.6 million shares at a price of 2.7 pence per in the tin-focused

Read more
23 May 2018 12:28

AfriTin Mining To Raise GBP5.5 Million Via Share Placing, Subscription (ALLISS)

LONDON (Alliance News) - AfriTin Mining Ltd said on Wednesday it intends to raise GBP5.5 million through placing and subscription of new shares.The company plans to issue shares at a price

Read more
4 Apr 2018 11:37

AfriTin Completes Mine Design For V1 And V2 Pegmatite Bodies At Uis

LONDON (Alliance News) - AfriTin Mining Ltd said on Wednesday it has completed a detailed mine design over the priority V1 and V2 pegmatite bodies in the flagship Uis Tin the

Read more
4 Apr 2018 07:50

Australia shares gain for first day in 4; NZ also up

* Aussie and NZ shares of a2 Milk among top gainers on both benchmarks * CBA, NAB and Westpac reverse trend to end higher (Updates to close) By Susan Mathew April 4 (Reuters)

Read more
4 Apr 2018 04:10

Australia shares ease for 4th day as financials drag; NZ higher

* ANZ falls for the eighth straight day * Fonterra slightly lower after NZ milk production falls in Feb By Susan Mathew April 4 (Reuters) - Australian shares eased for a day a

Read more
29 Mar 2018 02:27

Australia shares edge lower after volatile Wall Street finish; NZ down

By Aditya Soni March 29 (Reuters) - Australian shares were slightly weaker in thin pre-holiday trade on Thursday, as softer iron ore prices weighed on materials stocks and following a 200 a

Read more
27 Mar 2018 06:51

Australia shares bounce on easing trade war worries; NZ rises too

* Aussie shares erase previous day's losses * Materials, industrials lead gains on ASX * Consumer staples, utilities boost NZ shares (Updates to close) March 27 (Reuters)

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.