Last checked at 31 Mar 2020 13:20
31 March 2020
AfriTin Mining Limited
("AfriTin" or the "Company")
COVID-19 Update
AfriTin Mining Limited (AIM: ATM), a tin mining company with a portfolio of assets in Namibia and South Africa, provides an update on its business, following the global outbreak of the COVID-19 virus and new legislation brought forward by the Government of Namibia.
In order to tackle the spread of COVID-19, The Republic of Namibia announced a 21-day lockdown beginning at 23:59 on Friday 27 March and ending at 23:59 on 16 April 2020.
Under the government legislation, mining operations are categorised as critical economic services and are able to continue minimum operational activity including critical maintenance work. To comply with this directive, the Uis Tin Mine will suspend mining from the open pit but continue feeding the processing plant from the run-of-mine stockpile during this period. The Company has more than two months' worth of production on its stockpile and does not believe this will have a detrimental impact to the progress at site.
As part of the debottlenecking of the processing plant announced in February 2020, the Company scheduled a plant shutdown to implement the required modifications. These activities will continue under the current restrictions, although the risk of supply chain disruptions may impact on the scope and timing of the plant shutdown.
The Company plans to export the next shipment of tin concentrate from Walvis Bay by mid-April 2020. As it currently stands, the relevant port and smelter operations continue to move and accept tin concentrate. If further information to the contrary becomes available, the Company will update the market accordingly.
The health and safety of all AfriTin's employees is of paramount importance and the Company has taken all necessary steps to mitigate any possible outbreak, including the monitoring of its employees for any symptoms, social distancing and hand hygiene. The mine site is not near any major metropolis areas where the virus appears to spread with ease. Where possible, the Company's employees are working from home and all international travel, as well as travel to and from Namibia, has been banned until at least the 16th April 2020.
There are no confirmed cases of COVID-19 across the Company's operations to date.
Anthony Viljoen, CEO of AfriTin Mining Limited commented:
"These are unprecedented times for both the mining sector and the world as a whole. The health and safety of our employees and communities is a main focus and the company is following all WHO and Namibian national health guidelines to ensure this remains the case.
"We will operate at a minimal mining and processing activity. I also take comfort in the fact that the mine is isolated, with very little movement of people through the area. Having said this, we are taking no chances and are ensuring the strictest hygiene and social distancing levels across the business and continue monitoring all of our employees for any symptoms of the virus.
"I'd like to thank all our employees, shareholders and the Government of Namibia for their continued support, in what is a truly challenging time."
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.