TIDMATM
RNS Number : 1378V
AfriTin Mining Ltd
05 August 2020
5 August 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:
-- Monthly production of tin concentrate for July 2020 increased
to 35 tonnes, representing a month-on-month increase of 79%;
-- Sixth shipment of tin concentrate dispatched on 3 August 2020;
-- Tin concentrate assays averaged 65% contained tin, resulting in 93% payability;
-- Debottlenecking of fines dewatering circuit nearing completion; and
-- Offtake agreement with Thailand Smelting and Refining
Corporation ("Thaisarco") renewed for a further 12 months.
Monthly production of tin concentrate from the Company's Phase 1
mining and processing facility at Uis increased to 35 tonnes for
the month of July 2020. Tin concentrate production for the year to
date totals 112 tonnes. The monthly production performance for 2020
is tabulated below. For Stage I of Phase 1, the Company is
targeting the processing of 45,000 tonnes of ore processed per
month, at a rate of 80 tonnes per hour, for the production of 60
tonnes of tin concentrate per month.
Table 1 : Monthly performance from the Uis Phase 1 pilot plant
during 2020.
2020
Jan Feb Mar Apr May Jun Jul
Description Units *
------- ------- ------- ------ ------- ------- -------
Plant Availability % 59% 60% 64% 59% 65% 69% 73%
----------- ------- ------- ------- ------ ------- ------- -------
Plant Utilisation % 58% 66% 68% 54% 70% 76% 88%
----------- ------- ------- ------- ------ ------- ------- -------
Plant Processing tonnes
Rate per hour 45 51 52 41 48 49 65
----------- ------- ------- ------- ------ ------- ------- -------
Ore Processed tonnes 11,420 14,043 16,866 9,618 16,217 18,551 31,324
----------- ------- ------- ------- ------ ------- ------- -------
Tin Concentrate tonnes 11.4 11.0 12.3 11.1 11.2 19.7 35.3
----------- ------- ------- ------- ------ ------- ------- -------
Tin Contained
in Concentrate tonnes 7.4 7.1 8.4 7.7 7.2 12.6 22.7
----------- ------- ------- ------- ------ ------- ------- -------
* Operations curtailed due to COVID-19 government lockdown
regulations
AfriTin has dispatched its sixth shipment of tin concentrate
from Uis. The tin in concentrate grade has averaged 65%,
representing a premium product largely free from deleterious
elements. The Company is achieving an average payability of 93%,
referring to the percentage of the LME tin price realised for the
tin contained in concentrate.
The offtake agreement with Thaisarco has been renewed for a
further 12 months and the Company is looking forward to building on
this robust relationship.
Initiatives to address bottlenecks in the processing plant
circuits and expand production remain ongoing and on schedule. As a
result of higher than anticipated fine material in the run-of-mine
feed, improvements were required to rebalance material flows.
During Q2 2020 improvement efforts have been focussed on the fines
discard dewatering circuit, in particular the dewatering of grits
(45 to 500 micron particles) and slimes (smaller than 45 micron
particles). These modifications to the fines dewatering circuit are
nearing completion and are expected to result in improved
concentrator plant throughput.
The Company is continuing to operate the Uis Tin Mine at full
scale despite ongoing COVID-19 measures in Namibia and South
Africa. T he health, safety and well-being of our employees,
contractors and the local community are of utmost importance to the
Company. All necessary steps to mitigate a possible outbreak have
been taken, and the Company is pleased to report that there
continue to be no confirmed cases of COVID-19 at the Uis Tin
Mine.
Change of Broker
As announced in the announcement dated 3 August 2020, the
Company has appointed Turner Pope Investments as joint broker. At
the same time, WH Ireland Limited has ceased to act as broker to
the Company.
Anthony Viljoen, CEO of AfriTin Mining Limited commented:
"Despite operational challenges related to COVID-19 and the
production ramp-up during the first half of 2020, the performance
of our Uis operation is displaying improvement, which, together
with the rebound in the tin price and the successful completion of
our recent capital raising, provide a strong platform for the rest
of 2020.
"We are delighted to have continued our relationship with
offtaker, Thaisarco, and believe that this demonstrates confidence
in our Company. Building on the results of our improvement
initiatives, we expect to further expand production at Uis, while
simultaneously advancing our project studies towards the full
implementation of Phase 1."
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
Barney Hayward
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.
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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