Last checked at 13 Sep 2021 07:00
13 September 2021
AfriTin Mining Limited
("AfriTin" or the "Company")
Quarterly Production 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 a quarterly production update for Q2 of the 2022 Financial Year ("FY2022"), for the three-month period ended 31 August 2021.
Highlights:
· Tin concentrate production for Q2 totalled 185 tonnes, exceeding the target of 180 tonnes for the third consecutive quarter;
· Strong operational performance supported by a 9.9% increase in processing plant throughput and a 10.2% improvement in tin recovery; and
· Implementation of Uis Phase 1 expansion project, which is projected to increase tin concentrate production by 67%, has commenced.
Anthony Viljoen (CEO) commented:
"We are pleased to release our Q2 numbers from our flagship Uis Tin Mine which has exceeded production targets and nameplate for the third consecutive quarter. During the quarter we commenced the early implementation work and long lead item ordering for the Uis expansion programme which will see the processing plant produce 67% more tin concentrate."
The Company is pleased to report that Uis maintained a production level above its steady state target during Q2 of FY2022. During the quarter under review, Uis surpassed the target of 180 tonnes of tin concentrate to produce 185 tonnes (containing 113 tonnes of tin metal). The quarter-on-quarter ("QoQ") performance for Q1 and Q2 of FY2022 is tabulated below:
Table 1: Quarterly performance of the Uis Phase 1 pilot plant during the 2022 financial year.
Description | Units | 2022 Financial Year | ||
Q1 Actual (Mar - May) | Q2 Actual (Jun - Aug) | Q2 vs Q1 (% change) | ||
Plant Availability | % | 75 | 78 | 4% |
Plant Utilisation | % | 83 | 85 | 2.4% |
Plant Processing Rate | tph | 84 | 87 | 3.6% |
Ore Processed | t | 115 751 | 127 263 | 9.9% |
Feed Grade | % Sn | 0.167 | 0.137 | -18% |
Tin Concentrate | t | 183 | 185 | 1.1% |
Tin Contained in Concentrate | t | 114 | 113 | -0.9% |
Tin Recovery | % | 59 | 65 | 10.2% |
Increased processing plant throughput of 127,263 tonnes of ore for Q2 was obtained by improvements in plant availability, utilisation and processing rate, resulting in a QoQ throughput increase of 9.9%.
The feed grade for Q2 of FY2022 was lower than the preceding quarter due to natural grade variations in the mining area. However, the feed grade is still in line with the Company's mine plan estimates and the average projected life-of-mine feed grade of 0.138% Sn.
The lower QoQ plant feed grade was countered, to a large extent, by a 10.2% improvement in overall tin recovery. Q2 of FY2022 displayed a 65% recovery, well above the design target of 60% recovery.
The Company also announced on 14 June 2021 that the Directors approved a Definitive Feasibility Study for the expansion of the Uis Phase 1 processing plant through a modular addition to the current plant, projected to increase tin concentrate production by 67%.. The project has commenced with the placing of orders for long lead items, the appointment of a project implementation team, and establishment of infrastructure to facilitate procurement and fabrication. The Company expects to provide a detailed project progress update in a few weeks time.
AfriTin Mining Limited | +27 (11) 268 6555 |
Anthony Viljoen, CEO | |
Nominated Adviser | +44 (0) 207 220 1666 |
WH Ireland Limited Katy Mitchell | |
Corporate Advisor and Joint Broker | |
H&P Advisory Limited Andrew Chubb Jay Ashfield Nilesh Patel | +44 (0) 20 7907 8500 |
Turner Pope Investments Andy Thacker James Pope
| +44 (0) 20 3657 0050 |
Tavistock Financial PR (United Kingdom) | +44 (0) 207 920 3150 |
Jos Simson Nick Elwes Oliver Lamb |
|
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 open cast tin mine.
AfriTin is managed by an experienced board of directors and management team with a current strategy to ramp-up production at the Uis Tin Mine in Namibia to 10,000 tonnes of concentrate in a Phase 2 expansion, having reached optimal Phase 1 commercial production in 2021. 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.