TIDMATM
RNS Number : 4082R
AfriTin Mining Ltd
08 March 2021
8 March 2021
AfriTin Mining Limited
("AfriTin" or the "Company")
Quarterly Production Update
Target production exceeded at Uis Tin Mine
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 its inaugural quarterly production update for
the twelve-month period ended 29 February 2021 (the "2021 Financial
Year").
Highlights:
-- Tin concentrate production totalled 194.5 tonnes for Q4,
representing a 28% quarterly increase compared with the previous
quarter, and exceeding the 180 tonnes production target; and
-- Total production for the 2021 Financial Year amounted to 473 tonnes of tin concentrate.
The Company is pleased to report that Uis successfully
maintained a production level above its steady state target during
Q4 of the 2021 Financial Year. During the quarter under review, Uis
surpassed the target of 180 tonnes of tin concentrate to produce
194.5 tonnes (containing 126.2 tonnes of tin metal), a 28%
improvement on the previous quarter. The production level achieved
in Q4 represents approximately 108% of the Stage I quarterly target
in terms of tin concentrate produced and 117% of the Stage I
quarterly target in terms of tin contained in concentrate. The
quarterly production performance for the 2021 financial year is
tabulated below.
Table 1 : Quarterly performance of the Uis Phase 1 pilot plant
during the 2021 financial year*.
2021 Financial Year
Q1** Q2 Q3 Q4 Q4 vs. Q3
Description Units (Mar - May) (Jun - Aug) (Sept - Nov) (Dec - Feb) (% change)
------------ ------------ ------------- ------------ -----------
Plant Availability % 63% 71% 79% 80% 1%
----- ------------ ------------ ------------- ------------ -----------
Plant Utilisation % 64% 82% 86% 84% -2%
----- ------------ ------------ ------------- ------------ -----------
Plant Processing Rate tph 47 61 72 83 16%
----- ------------ ------------ ------------- ------------ -----------
Ore Processed t 42,701 80,747 105,838 121,450 15%
----- ------------ ------------ ------------- ------------ -----------
Tin Concentrate t 34.6 92.5 151.4 194.5 28%
----- ------------ ------------ ------------- ------------ -----------
Tin Contained in Concentrate t 23.3 60.9 101.3 126.2 25%
----- ------------ ------------ ------------- ------------ -----------
* calculated on a 100% ownership basis. Note AfriTin have a 85%
interest in the Uis Project
** Operations curtailed due to Namibian COVID-19 lockdown
regulations (see announcement dated 31 March 2020)
Tin concentrate production for the 2021 Financial Year totalled
473 tonnes, for a total of 311.7 tonnes of contained tin metal. The
Company continues to achieve an average payability of 94%
(referring to the percentage of the LME tin price realised for the
tin contained in concentrate). The concentrate continues to be
largely free of deleterious elements, resulting in a high grade,
clean concentrate.
AfriTin is committed to further optimisation and expansion of
the operation. The Company plans to develop a modular expansion of
the pilot plant, and production of by-products in the form of
tantalum and lithium concentrates. The Company is currently
conducting test work to investigate the feasibility of magnetically
separating tantalum minerals from the tin concentrate and will
update the market with the results of this test work in due
course.
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 . It is a credit
to the workforce at site that these measures have been successfully
implemented without having a detrimental impact on production at
the mine.
Anthony Viljoen, CEO of AfriTin Mining Limited commented:
"After reaching nameplate capacity in November 2020, the team at
AfriTin continues to optimise and develop our flagship asset, the
Uis Tin Mine. We are delighted to release our first quarterly
production update and demonstrate that the Company is operating
108% beyond our production targets for Stage I. Our work is far
from complete as we look to incrementally expand our processing
plant and bring additional concentrate streams online. Our positive
production results have coincided with a strong tin price. The LME
three-month tin price hit its 10-year high in February 2021 after
unprecedented turbulence, triggered by low stocks with no sign of
relief from a constrained physical supply chain."
"The global pandemic continues to affect businesses worldwide,
yet by implementing all necessary safety protocols, we have
minimised its impact on our production; I commend the teams working
on-site for all we have achieved in this time. Our plan remains to
become a large-scale, multi-stream, mining and processing facility,
and we look forward to sharing these developments with the
market."
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
Zoe Alexander +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 per annum 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.
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