Last checked at 26 Oct 2020 07:00
26 October 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.
Highlights:
▪ Phase 1 ramp up continues, with production of tin concentrate for September 2020 increasing to 39 tonnes;
▪ The Company remains on track to achieve nameplate production of 60 tonnes a month of tin concentrate by the end of 2020;
▪ Work is progressing on the Stage II expansion study for the increased production of the Phase 1 Pilot Plant, which shall include the extraction of tantalum as a by-product; and
▪ Strict COVID-19 mitigation measures remain in place to safeguard the workforce and, to date, no confirmed cases have been reported at the Uis Tin Mine.
AfriTin is continuing with the production ramp-up of its pilot mining and processing facility and achieved 39 tonnes of tin concentrate, containing 27.5 tonnes of tin metal, during September 2020. For Stage I of Phase 1, the Company is targeting the processing of 45,000 tonnes of ore per month, for the production of 60 tonnes of tin concentrate containing 36 tonnes of tin metal per month. The current production level represents approximately 75% of the Stage I target on the basis of tin contained in concentrate. The monthly production performance for 2020 is tabulated below. Tin concentrate production for the year to date totals 189 tonnes.
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 | ||
Plant Availability | % | 59% | 60% | 64% | 59% | 65% | 69% | 73% | 72% | 74% |
Plant Utilisation | % | 58% | 66% | 68% | 54% | 70% | 76% | 88% | 81% | 75% |
Plant Processing Rate | tonnes per hour | 45 | 51 | 52 | 41 | 48 | 49 | 65 | 70 | 69 |
Ore Processed | tonnes | 11,420 | 14,043 | 16,866 | 9,618 | 16,217 | 18,551 | 31,324 | 30,872 | 30,831 |
Tin Concentrate | tonnes | 11.4 | 11.0 | 12.3 | 11.1 | 11.2 | 19.7 | 35.3 | 37.5 | 39.0 |
Tin Contained in Concentrate | tonnes | 7.4 | 7.1 | 8.4 | 7.7 | 7.2 | 12.6 | 22.7 | 25.6 | 27.5 |
* Operations curtailed due to COVID-19 government lockdown regulations
Upon achieving steady state production of the Phase 1 pilot plant, the Company intends to enhance the profitability of the plant by increasing the production capacity of the Phase 1 processing plant beyond the current Stage I, in three further stages as detailed previously (RNS 16 June 2020). AfriTin is progressing study work towards the Stage II expansion of the current processing facility.
The production of a tantalum concentrate as a by-product was originally planned for the Stage I operation, but further metallurgical test work has been commissioned to increase the confidence level related to optimum liberation of tantalum-bearing minerals and magnetic separation parameters. Following encouraging results from the initial test phases, a final phase of definitive test work is currently underway.
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:
"As we enter the final phase of our plant production ramp-up by the end of 2020, we are encouraged by the steady increase in plant performance at our flagship operation, the Uis Tin Mine.
"Once we achieve the nameplate capacity planned for the year, it will provide us with a platform for expanding tin production towards Stage II and the exciting addition of a tantalum by-product. Coupled with an improving tin market, we are well-positioned to progress towards our long-term goal of a large-scale tin processing facility in Namibia."
For further information, please visit www.afritinmining.com or contact:
AfriTin Mining Limited |
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Anthony Viljoen, CEO | +27 (11) 268 6555 |
Nominated Adviser |
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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 |
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Turner Pope Investments Andy Thacker | +44 (0) 203 657 0050 |
Financial PR (United Kingdom) |
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Tavistock | +44 (0) 207 920 3150 |
Jos Simson Barney Hayward |
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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.