TIDMATM
RNS Number : 0573P
AfriTin Mining Ltd
16 June 2022
16 June 2022
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 (MAR) as in force in
the United Kingdom pursuant to the European Union (Withdrawal) Act
2018. Upon the publication of this announcement via Regulatory
Information Service (RIS), this inside information is now
considered to be in the public domain.
AfriTin Mining Limited
("AfriTin" or the "Company")
Quarterly Production Update
AfriTin Mining Limited (AIM: ATM), an African technology metals
mining company with a portfolio of mining and exploration assets in
Namibia, is pleased to provide the unaudited quarterly production
update for the Uis Mine ("Uis") for the first quarter ("Q1") of the
2023 Financial Year ("FY2023") ending 31 May 2022.
Highlights:
-- Production of tin increased by 13% quarter-on-quarter ("QoQ") to 152 tonnes;
-- Record tin recovery of 67% achieved during the quarter under review;
-- All-In Sustaining Costs ("AISC")* improves 16% QoQ on the
back of increased production and improved operational efficiencies;
and
-- Phase 1 Expansion Project on track for completion in Q3 of the calendar year.
* Refers to the All-in Sustaining Costs for the operating entity
Uis Tin Mining Company (Pty) Ltd ("UTMC"), but excludes overheads
at a Group level.
Anthony Viljoen (CEO) commented:
"Our tin-producing operation at the Uis Mine continues to
deliver record-breaking performance. I am also pleased to note that
the initiatives aimed at improving our unit costs are yielding
positive results. These results are a testament to our team's
capability. The Phase 1 Expansion Project is nearing completion and
will further strengthen our tin revenue base.
The strong performance of the tin operation provides a solid
platform for developing potential lithium and tantalum by-product
revenue streams. Our position as an operating, cash-generating
mining company allows us to fast-track development of near-term
opportunities, as well as expanding our production and product
portfolio."
Q1 Production Update
The Company achieved a record quarterly performance at the Uis
Mine for Q1 of FY2023. Tin concentrate production for the period
under review totalled 239 tonnes. Tin contained in concentrate
increased by 13% QoQ to 152 tonnes.
A total of 152 kt of ore was processed at an average processing
rate of 99 tph. Processing plant efficiency as measured by overall
tin recovery improved 5% QoQ to a record of 67%. The average plant
feed grade for the quarter increased 9% QoQ due to natural orebody
grade variations in the current mining area.
AISC for UTMC decreased by 16% to US$23,526 (unaudited) per
tonne of tin. This compares favourably with the realised average
tin price of US$34,367 achieved for the quarter. The improvement in
AISC can be attributed to higher tin production and operational
efficiencies. Secondary factors contributing to quarterly cost
variations include exchange rate fluctuations and work-in-progress
("WIP") movements. The Company remains committed to driving
continuous improvement initiatives aimed at enhancing operational
efficiencies and unit costs, and minimising cost fluctuations.
The QoQ performance for the Uis Mine is tabulated below:
Table 1 : QoQ (Q1 FY2023 vs Q4 FY2022) production and cost
performance of the Uis Mine.
Description Units FY2022 Actual Q4 FY2022 Actual Q1 FY2023 Actual QoQ Performance
Quarterly Average (Dec 2021 - Feb (Mar 2022 - May (% Change)
(Mar 2021 - Feb 2022) 2022)
2022)
Plant Availability % 87 89 89 1%
------------------- ------------------ ------------------ ------------------ ----------------
Plant Utilisation % 79 82 78 - 4%
------------------- ------------------ ------------------ ------------------ ----------------
Plant Processing
Rate tph 92 98 99 1%
------------------- ------------------ ------------------ ------------------ ----------------
Ore Processed t 135,900 151,887 152,243 0%
------------------- ------------------ ------------------ ------------------ ----------------
Feed Grade % Sn 0.147 0.137 0.149 9%
------------------- ------------------ ------------------ ------------------ ----------------
Tin Concentrate t 201 216 239 11%
------------------- ------------------ ------------------ ------------------ ----------------
Tin Contained in
Concentrate t 124 134 152 13%
------------------- ------------------ ------------------ ------------------ ----------------
Tin Recovery % 62 64 67 5%
------------------- ------------------ ------------------ ------------------ ----------------
AISC for Uis Tin US$/t contained
Mine tin 27,515 27,879* 23,526 -16%
------------------- ------------------ ------------------ ------------------ ----------------
US$/t contained
Tin Price Achieved tin 38,604 45,050 34,367 -24%
------------------- ------------------ ------------------ ------------------ ----------------
* FY2022 Q4 AISC has been restated to account for realisation
cost (Logistics, Smelter Costs and Royalties) on a production
volume basis rather than a sales basis.
Phase 1 Expansion Project
The Phase 1 Expansion Project is on track for completion during
Q3 of the current calendar year. The expansion is projected to
increase tin production by approximately 60%. The main civil
constructions work has been completed and steel construction work
is currently in progress.
Glossary of abbreviations
AISC All-in sustaining costs
FY Financial year
--------------------------------------------------------------------
k t K ilotonnes
--------------------------------------------------------------------
Q oQ Q uarter-on-quarter
--------------------------------------------------------------------
t ph T onnes per hour
--------------------------------------------------------------------
UTMC Uis Tin Mining Company (Pty) Ltd (operating entity of the Uis Mine)
--------------------------------------------------------------------
W IP W ork-in-progress
--------------------------------------------------------------------
Glossary of Terms
Operating Costs Excludes sustaining capital expenditure associated with developing and maintaining
the Uis
operation (unaudited)
AISC = All-In Sustaining Cost Incorporates all costs related to sustaining production and in particular recognising
the
sustaining capital expenditure associated with developing and maintaining the Uis
operation,
including pre-stripping waste mining costs (unaudited)
--------------------------------------------------------------------------------------
* The Company's Financial Year runs from March to February. All
reference to quarters applies to the financial year reporting
period, unless stated otherwise.
AfriTin Mining Limited +27 (11) 268 6555
Anthony Viljoen, CEO
Nominated Adviser +44 (0) 207 220 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) 207 920 3150
Emily Moss
Catherine Drummond
Adam Baynes
About AfriTin Mining Limited
Notes to Editors
AfriTin Mining Limited is a London-listed technology metals
mining company with a vision to create a portfolio of globally
significant, conflict-free, producing and exploration 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 Mine in Namibia to more than 10,000 tonnes of tin
concentrate and 350,000 tonnes of lithium 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 and lithium by developing a critical mass of
resource inventory, achieving production in the near term and
further scaling production by consolidating assets in Africa.
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END
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