AfriTin sets for diverse growth

AfriTin Mining recently announced an update of their lithium and tantalum infill drill programme. AfriTin 's flagship operation is the Uis tin mine where the infill drilling programme is currently being executed with the aim of increasing the confidence in their existing lithium and tantalum mineral resource estimate. The programme consists of approximately 50 holes. By 20 July 2022, 32 drill holes had been completed and were in the process of being analysed. Results for the first four holes were already announced on 8 June while highlights from the next five holes include significant pegmatite intersections. Pegmatite was intersected in all holes drilled, as predicted by the geological model. Anthony Viljoen (CEO) said; "These results confirm our understanding of the mineralisation at Uis, in particular the polymetallic nature of the V1/V2 pegmatite, which continues to show consistent tin, tantalum and lithium mineralisation. We are confident, following continued positive results, that we are on track to reaching our objective of upgrading our resource for Lithium and Tantalum.” The strategic plan is for additional processing plant circuits before the end of this year, to establish multiple product revenue streams, he said.In June AfriTin announced funding to its phase 1 continuous improvement project, having secured a dedicated lending facility with the Development Bank of Namibia. The lending facility comprises N$100 million and is intended to compliment the expansion project that is already in progress. The project is expected to increase plant throughput from 840 ktpa to 1Mtpa; improve processing efficiency to maximise recovery rate of concentrate from current 64% to 68%; promote business sustainability through enhancement of support infrastructure; and to reduce costs of production. The Phase 1 expansion commissioning remains on track, to be completed during the third quarter of this year, the company said.According to Viljoen; “This new strategic financing partnership reinforces our commitment to developing long-term relationships within Namibia and ultimately will be to the benefit of the people of Namibia. A long-term financing partnership with the Development Bank of Namibia also facilitates further financing options, that drive the growth and expansion of the entire project.”Martin Inkumbi, Development Bank of Namibia CEO, said; "Our main objective as an institution is to contribute to the economic growth, social development and sustainable welfare of Namibia and its people. We look forward to working with AfriTin." The loan term is for 10 years and for the first 12 months after execution, there will be no interest or capital repayments required. Interest accrues at the Namibian prime lending rate plus 2.5% per annum and the first drawdown is to occur no later than 90 days from date of signature.The Uis Phase 1 Stage II continuous improvement project includes increasing the crushing capacity of the fines crushing section to ensure consistent feed to the concentrator, as well as removing potential stream and downstream delays that may affect production. To ensure higher recovery of minerals, the intention is that the visibility of the plant operating parameters must be improved, and the rate of metallurgical sampling will be increased to enhance metal accounting. The project capital will also be applied to upgrading the existing mine support infrastructure, procurement of spares, discard loading bins, access road construction, road maintenance and improved supply chain. This project has already commenced utilising existing cash resources of the Company, with the appointment of an implementation team, and recruitment of engineering detail to facilitate procurement and fabrication. Last year AfriTin produced 784 tonnes of tin concentrate, a 110% year-on-year increase, and exceeding production targets for the year.

AfriTin sets for diverse growth

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Republikein 2024-11-22

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AfriTin sets for diverse growth

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