Last checked at 12 Nov 2020 07:00
12 November 2020
AfriTin Mining Limited
("AfriTin" or the "Company")
Operational Update
AfriTin Mining Limited (AIM: ATM), an African tin mining company with its flagship asset, the Uis Tin Mine ("Uis") in Namibia, is pleased to provide an operational update for the month of October 2020.
Highlights:
▪ Phase 1 Stage I ramp-up continues, with production of tin concentrate increasing to 48.2 tonnes for October 2020, representing a 24% month-on-month increase;
▪ The Company remains on track to achieve nameplate production of 60 tonnes a month of tin concentrate by the end of 2020; and,
▪ No confirmed COVID-19 cases have been recorded at the Uis Tin Mine to date, as strict COVID-19 mitigation measures remain in place to safeguard the workforce.
The Company continues with the Stage I of Phase 1 production ramp-up of its pilot mining and processing facility and produced 48.2 tonnes of tin concentrate (containing 32.2 tonnes of tin metal) over the month of October, a 24% improvement on the previous month. The production level achieved in October represents approximately 90% of the Stage I target on the basis of tin contained in concentrate. The Company is targeting the processing of 45,000 tonnes of ore per month, to produce 60 tonnes of tin concentrate (36 tonnes of tin metal) per month for Stage I of Phase 1. The monthly production performance for 2020 is tabulated below. Tin concentrate production for the year to date totals 237 tonnes. Plant availability and utilisation have increased steadily which, combined with improved plant processing rates, yielded increased plant production. The Company remains on track to achieve nameplate production of 60 tonnes a month of tin concentrate by the end of 2020.
Table 1: Monthly performance from the Uis Phase 1 pilot plant during 2020.
Description | Units | 2020 | |||||||||
Jan | Feb | Mar | Apr * | May | Jun | Jul | Aug | Sep | Oct | ||
Plant Availability | % | 59% | 60% | 64% | 59% | 65% | 69% | 73% | 72% | 74% | 81% |
Plant Utilisation | % | 58% | 66% | 68% | 54% | 70% | 76% | 88% | 81% | 85%** | 85% |
Plant Processing Rate | tph | 45 | 51 | 52 | 41 | 48 | 49 | 65 | 70 | 69 | 73 |
Ore Processed | t | 11,420 | 14,043 | 16,866 | 9,618 | 16,217 | 18,551 | 31,324 | 30,872 | 30,831 | 36,796 |
Tin Concentrate | t | 11.4 | 11.0 | 12.3 | 11.1 | 11.2 | 19.7 | 35.3 | 37.5 | 39.0 | 48.2 |
Tin Contained in Concentrate | t | 7.4 | 7.1 | 8.4 | 7.7 | 7.2 | 12.6 | 22.7 | 25.6 | 27.5 | 32.2 |
* Operations curtailed due to COVID-19 government lockdown regulations
** Incorrectly reported as 75% in RNS (1259D) dated 26 October 2020
The health, safety, and well-being of AfriTin's employees, contractors and the local community are of utmost importance to the Company. As previously announced, strict COVID-19 mitigation measures remain implemented across the Company and all necessary steps have been taken to safeguard the workforce. The Company is pleased to report that there are still no confirmed cases of COVID-19 at the Uis Tin Mine.
Anthony Viljoen, CEO of AfriTin Mining Limited commented:
"I am delighted to report, once again, further positive increases in the Uis Tin Mine's month-on-month plant performance as we enter the final stage of our Phase 1 Stage I production ramp-up. Pleasingly, the production of tin concentrate has increased to 48.2 tonnes for October 2020, which represents a 24% increase from September 2020. More importantly this means we remain on track to achieve nameplate production of 60 tonnes a month of tin concentrate by the end of the calendar year.
As stated previously, once nameplate capacity is realised, the Company will progress towards Stage II, expanding its production levels even further.
AfriTin continues to remain well-positioned to take advantage of the improving tin market fundamentals, as it looks to achieve its vision of becoming a large-scale tin producer in Namibia."
For further information, please visit www.afritinmining.com or contact:
AfriTin Mining Limited |
|
Anthony Viljoen, CEO | +27 (11) 268 6555 |
Nominated Adviser |
|
WH Ireland Limited Katy Mitchell 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 |
|
Turner Pope Investments Andy Thacker | +44 (0) 203 657 0050 |
Financial PR (United Kingdom) |
|
Tavistock | +44 (0) 207 920 3150 |
Jos Simson Emily Moss Oliver Lamb |
|
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 Limited 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 opencast 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 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.