TIDMATM
RNS Number : 7193B
AfriTin Mining Ltd
14 June 2021
14 June 2021
AfriTin Mining Limited
("AfriTin" or the "Company")
Quarterly Operation 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 the quarterly production update for Q1 of the
2022 Financial Year ('FY2022'), the three-month period from 1 March
2021 to 31 May 2021).
Highlights:
-- Tin concentrate production for Q1 of the 2022 Financial Year
totalled 183 tonnes, containing 114 tonnes of tin metal, exceeding
the production target of 180 tonnes;
-- Shipping of tin concentrate to Thailand, and off-take
pre-payments continue despite global COVID-19 related shipping
delays;
-- Company progressing implementation of the Uis Phase 1
expansion project, to potentially result in a 67% increase in tin
concentrate production;
-- The implementation programme will commence with the
appointment of an experienced implementation team, and ordering of
long-lead items;
-- By-product test work on tantalum and lithium oxide is
progressing as planned, with the aim of realising additional
revenue streams; and
-- REMINDER: Webcast: Exploring the Company's Namibian assets
and upside potential - Monday 14 June 15h00 BST.
Anthony Viljoen, CEO of AfriTin Mining Limited commented:
"AfriTin has seen a successful start to the 2022 Financial Year.
We are delighted to release our first quarterly update for the year
demonstrating that the Company is achieving its internal monthly
production targets at our flagship Uis Tin Mine. These positive
production results have coincided with 10-year high tin prices.
We are excited to commence the Phase 1 expansion. In addition,
during this phase, we are hoping to unlock the exciting and
significant lithium and tantalum by-product potential we have
across our extensive resource base.
I look forward to presenting an exploration webcast on our
current portfolio of Namibian assets together with our Exploration
Manager, Tim Marais and Laurence Robb (non-executive director). We
believe that the Damara Belt has huge unexplored potential to
become a new technology metallogenic province of global
significance."
The Company is pleased to report that Uis successfully
maintained a production level above its steady state target during
Q1 of FY2022. During the quarter under review, Uis surpassed the
Directors' internal target of 180 tonnes of tin concentrate to
produce 183 tonnes (containing 114 tonnes of tin metal). The
quarter-on-quarter ('QoQ') performance for Q4 of the 2021 Financial
Year ('FY2021') and Q1 of FY2022 is tabulated below:
Table 1: QoQ performance of the Uis Phase 1 pilot plant
QoQ Performance
Q4 FY2021 Actual Q1 FY2022 Actual
Description Units (Dec - Feb) (Mar - May)
----------------- -----------------
Plant Availability % 80% 75%
------- ----------------- -----------------
Plant Utilisation % 84% 83%
------- ----------------- -----------------
Plant Processing Rate tph 83 84
------- ----------------- -----------------
Ore Processed t 121,450 115,751
------- ----------------- -----------------
Feed Grade % Sn 0.186 0.167
------- ----------------- -----------------
Tin Concentrate t 195 183
------- ----------------- -----------------
Tin Contained in Concentrate t 126 114
------- ----------------- -----------------
Tin Recovery % 55.8% 58.9%
------- ----------------- -----------------
The plant availability for Q1 of FY2022 was lower than the
preceding quarte r , because of power supply problems, additional
planned downtime due to DMS circuit upgrades and unplanned
breakdowns in the crushing circuit during March 2021 . These
production delays can be regarded as extraordinary and did not
reoccur during the remainder of the quarter.
The feed grade for Q1 of FY2022 was also lower than the
preceding quarter due to natural grade variations in the mining
area. However, the feed grade is still above the average projected
life-of-mine feed grade of 0.138% Sn , in the absence of grade
control interventions such as selective mining and low-grade
stockpiling . T he life-of-mine plan forecasts a n above-average
feed grade during 2021 and 2022.
The lower QoQ plant availability and plant feed grade was
countered, to some extent, by a 6% improvement in overall tin
recovery. Q1 of FY2022 displayed a 58.9% recovery, compared to a
design target of 60% recovery.
Uis regularly dispatches shipments of high-quality tin
concentrate to the Company's off-take partner in Thailand via the
Port of Walvis Bay, despite the global shipping delays resulting
from COVID-19. Pre-payments continue under our existing off-take
agreement with Thaisarco, capitalising on the high tin price
currently present due to sustained strong market fundamentals.
The Directors have approved the Definitive Feasibility Study
('DFS') for the Phase 1 Stage II expansion, which will potentially
result in a 67% increase in tin concentrate production through a
modular expansion of the current Phase 1 Stage I processing plant.
The results of the DFS were announced on 4 May 2021. The next steps
following the approval of the DFS involve engineering detailing,
the appointment of a project and construction management team,
ordering of long-lead items and revision of the execution plan. A
project execution plan of eight months has been modelled.
As previously announced, metallurgical test work at Uis to
produce separate tantalum and petalite concentrate by-products is
ongoing. Investigation and process flow development aimed a t a
combination of leaching and roasting techniques to improve the
efficiency of magnetic separation and to pro duce a separate high -
value Ta-Nb minerals by-product continues. Furthermore, a s part of
the work programme, the Company continues to investigate the
suitability of its petalite for the production of ceramic-grade and
battery-grade lithium products.
REMINDER: UPSIDE EXPLORATION WEBINAR
Alongside the Company's CEO, Anthony Viljoen, the Company's
Exploration Manager, Tim Marais and Laurence Robb (non-executive
director) will be hosting an exploration webcast on the current
portfolio of Namibian assets today at 3.00 pm BST. The following
topics will be discussed:
-- Market fundamentals of Uis metals
-- Introduction to the Damara metallogenic province
-- Geology of Uis operations and additional resource potential
-- Overview of the Nai-Nais license
-- B1/C1 license considerations
-- Brandberg West historical information review
Please register your interest at:
https://brrmedia.news/afritin
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
James Pope +44 (0) 203 657 0050
Financial PR (United Kingdom)
Tavistock +44 (0) 207 920 3150
Jos Simson
Nick Elwes
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 10,000 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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END
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