AfriTin Mining Ltd Uis Phase 1 Expansion Lending Facility Completion (6700T)
26 November 2021 - 6:00PM
UK Regulatory
TIDMATM
RNS Number : 6700T
AfriTin Mining Ltd
26 November 2021
26 November 2021
AfriTin Mining Limited
("AfriTin" or the "Company")
Uis Phase 1 Expansion Lending Facility Completion
AfriTin Mining Limited (AIM: ATM), an African tech-metals mining
company with a portfolio of mining and exploration assets in
Namibia in tin, lithium and tantalum, with its flagship asset, the
Uis Tin Mine ("Uis") in Namibia, is pleased to announce that the
lending facility with Standard Bank Namibia Ltd ("Standard Bank"),
to fund the expansion of the Uis Phase 1 processing plant ("Lending
Facility"), and detailed in the announcement of 21 September 2021,
has now been executed.
Highlights:
-- Financial close of the NAD 90 million (approximately GBP 4.5
million) Senior Secured Term Loan ("Term Loan") with Standard Bank
Namibia Ltd;
-- Immediate drawdown of the total amount available under Term
Loan marks the beginning of a long-term financing partnership with
Standard Bank; and
-- The monies from the Term Loan will be used to fund the
expansion of the Phase 1 pilot processing plant.
Anthony Viljoen (CEO) commented:
"We are pleased to announce the financial close and drawdown of
the term loan facility with Standard Bank in Namibia. This marks
the start of a long-term financing partnership to continue the
rapid development of the Uis Tin mine to its full potential and
growing our tech-metal revenue profile."
The Company has today executed a NAD 90 million (approximately
GBP 4.5 million) Term Loan with Standard Bank and has immediately
drawn down the full NAD90 million available to it. The headline
terms include the following:
-- Loan term of 5 years from the date of drawdown
-- Ranked as senior secured debt
-- Interest rate of 3-month JIBAR (currently 3.85%) plus 4.5% (currently equal to 8.35%)
In addition to the Term Loan, Standard Bank has taken over the
Company's existing short-term banking facilities (working capital
facilities) with Nedbank Namibia totalling NAD 43 million
(approximately GBP 2.2 million). These facilities will incur an
interest rate of Namibian prime lending rate (currently 7.50%)
minus 1.00%. Furthermore, Standard Bank has provided AfriTin Mining
(Namibia) Pty Limited with a NAD 5 million guarantee to Namibia
Power Corporation Pty Limited in relation to a deposit for the
supply of electrical power.
Project Summary
On 14 June 2021, the Board approved a Definitive Feasibility
Study for an expansion of the Uis Phase 1 pilot processing plant,
projected to increase tin concentrate production by 67%, from 720
tonnes per annum to 1,200 tonnes per annum.
The project scope consists of a modular expansion of the current
plant, leveraging existing bulk infrastructure services and
installed processing configurations. Approximately 70% of the
project capital will be applied towards the expansion of the dry
crushing and screening circuits, consisting mainly of an additional
secondary crusher and vibrating screen, and a fines ore stockpile
to decouple the comminution circuit from the concentrator. The
balance of the project capital relates to addressing potential
throughput constraints in the concentrator that may result from the
increased feed rate, as well as improvements to the concentrate
cleaning circuit to enhance tin recovery.
AfriTin Mining Limited +27 (11) 268 6555
Anthony Viljoen, CEO
Nominated Adviser +44 (0) 20 7220 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
Stifel Nicolaus Europe Limited
Ashton Clanfield
Callum Stewart +44 (0) 20 7710 7600
Tavistock Financial PR (United
Kingdom) +44 (0) 20 7920 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 Phase 1 commercial production in
2020. 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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