AfriTin Mining Ltd Uis Tin Mine Power Supply Agreement (2880Y)
08 May 2019 - 4:00PM
UK Regulatory
TIDMATM
RNS Number : 2880Y
AfriTin Mining Ltd
08 May 2019
8 May 2019
AfriTin Mining Limited
("AfriTin" or the "Company")
Uis Tin Mine Power Supply Agreement
AfriTin Mining Limited (AIM: ATM), a mining company with a
portfolio of near production tin assets in Namibia and South
Africa, with the flagship asset being the Uis Tin Mine in Namibia
("Uis Mine"), is pleased to announce the conclusion of an
electrical power supply agreement for its mining and processing
facility at the Uis Mine as part of the Phase 1 Pilot Plant
Project.
The Company has concluded a formal supply agreement for
electrical grid power with state-owned utility, Namibia Power
Corporation ("Nampower"). The agreement provides for the full
on-site power requirements for the Phase 1 mining and processing
facility and will be significantly more cost effective than diesel
generated power.
The salient terms of the agreement include:
-- Supply voltage of 66kV;
-- Supply capacity of 1.5MVA;
-- Agreement period of 10 years; and,
-- Pricing according to Nampower's Schedule of Standard Prices for Transmission Customers.
Diesel generators are now in place at site to provide power to
the processing plant during the commissioning phase. However, once
grid power has been connected the diesel generators will serve as
backup power.
The electrical power will be provided from the existing
high-voltage supply line that currently terminates approximately
one kilometre from the plant processing site. It is projected that
the construction of an 800-metre power line and substation required
for the grid power connection will be undertaken and is aimed to
coincide with the anticipated production ramp-up of the processing
plant.
Commenting on the developments, CEO Anthony Viljoen stated,
"The conclusion of the power supply agreement is an important
step in the progression of the Uis tin mine. This agreement will
provide reliable energy to site, improve the planned cost structure
and further support the economic viability of our project."
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
For further information, please visit www.afritinmining.com or
contact:
AfriTin Mining Limited
Anthony Viljoen, CEO +27 (11) 268 6555
Nominated Adviser and Joint Broker
WH Ireland Limited
Katy Mitchell
James Sinclair-Ford +44 (0) 207 220 1666
Corporate Advisor and Joint Broker
H&P Advisory Limited
Andrew Chubb
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
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 world-class,
conflict-free, tin producing assets. The Company's flagship asset
is the Uis brownfield 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
brownfield tin mine in Namibia to commercial production in 2018
ramping up to 5,000 tonnes of concentrate, and consolidation of
other quality African tin assets. 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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