AfriTin Mining Ltd Operational Update (1259D)

TIDMATM

RNS Number : 1259D

AfriTin Mining Ltd

26 October 2020

26 October 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:

-- Phase 1 ramp up continues, with production of tin concentrate for September 2020 increasing to 39 tonnes;

-- The Company remains on track to achieve nameplate production of 60 tonnes a month of tin concentrate by the end of 2020;

-- Work is progressing on the Stage II expansion study for the increased production of the Phase 1 Pilot Plant, which shall include the extraction of tantalum as a by-product; and

-- Strict COVID-19 mitigation measures remain in place to safeguard the workforce and, to date, no confirmed cases have been reported at the Uis Tin Mine.

AfriTin is continuing with the production ramp-up of its pilot mining and processing facility and achieved 39 tonnes of tin concentrate, containing 27.5 tonnes of tin metal, during September 2020. For Stage I of Phase 1, the Company is targeting the processing of 45,000 tonnes of ore per month, for the production of 60 tonnes of tin concentrate containing 36 tonnes of tin metal per month. The current production level represents approximately 75% of the Stage I target on the basis of tin contained in concentrate. The monthly production performance for 2020 is tabulated below. Tin concentrate production for the year to date totals 189 tonnes.

Table 1 : Monthly performance from the Uis Phase 1 pilot plant during 2020.

 
                                                             2020 
                              Jan     Feb     Mar     Apr    May     Jun     Jul     Aug     Sep 
Description          Units                             * 
                             ------  ------  ------  -----  ------  ------  ------  ------  ------ 
Plant Availability   %        59%     60%     64%     59%    65%     69%     73%     72%     74% 
                     ------  ------  ------  ------  -----  ------  ------  ------  ------  ------ 
Plant Utilisation    %        58%     66%     68%     54%    70%     76%     88%     81%     75% 
                     ------  ------  ------  ------  -----  ------  ------  ------  ------  ------ 
                     tonnes 
Plant Processing      per 
 Rate                 hour     45      51      52     41      48      49      65      70      69 
                     ------  ------  ------  ------  -----  ------  ------  ------  ------  ------ 
Ore Processed        tonnes  11,420  14,043  16,866  9,618  16,217  18,551  31,324  30,872  30,831 
                     ------  ------  ------  ------  -----  ------  ------  ------  ------  ------ 
Tin Concentrate      tonnes   11.4    11.0    12.3   11.1    11.2    19.7    35.3    37.5    39.0 
                     ------  ------  ------  ------  -----  ------  ------  ------  ------  ------ 
Tin Contained 
 in Concentrate      tonnes   7.4     7.1     8.4     7.7    7.2     12.6    22.7    25.6    27.5 
                     ------  ------  ------  ------  -----  ------  ------  ------  ------  ------ 
 

* Operations curtailed due to COVID-19 government lockdown regulations

Upon achieving steady state production of the Phase 1 pilot plant, the Company intends to enhance the profitability of the plant by increasing the production capacity of the Phase 1 processing plant beyond the current Stage I, in three further stages as detailed previously (RNS 16 June 2020). AfriTin is progressing study work towards the Stage II expansion of the current processing facility.

The production of a tantalum concentrate as a by-product was originally planned for the Stage I operation, but further metallurgical test work has been commissioned to increase the confidence level related to optimum liberation of tantalum-bearing minerals and magnetic separation parameters. Following encouraging results from the initial test phases, a final phase of definitive test work is currently underway.

The health, safety, and well-being of AfriTin's employees, contractors and the local community are of utmost importance to the Company. As previously announced, strict COVID-19 mitigation measures remain implemented across the Company and all necessary steps have been taken to safeguard the workforce . The Company is pleased to report that there are still no confirmed cases of COVID-19 at the Uis Tin Mine.

Anthony Viljoen, CEO of AfriTin Mining Limited commented:

"As we enter the final phase of our plant production ramp-up by the end of 2020, we are encouraged by the steady increase in plant performance at our flagship operation, the Uis Tin Mine.

"Once we achieve the nameplate capacity planned for the year, it will provide us with a platform for expanding tin production towards Stage II and the exciting addition of a tantalum by-product. Coupled with an improving tin market, we are well-positioned to progress towards our long-term goal of a large-scale tin processing facility in Namibia."

For further information, please visit www.afritinmining.com or contact:

 
 AfriTin Mining Limited 
 Anthony Viljoen, CEO                  [phone] 
 Nominated Adviser 
 WH Ireland Limited 
  Katy Mitchell 
  James Sinclair-Ford                  [phone] 
 Corporate Advisor and Joint Broker 
 Hannam & Partners 
  Andrew Chubb 
  Jay Ashfield 
  Nilesh Patel                         [phone] 
 Joint Broker 
 Turner Pope Investments 
  Andy Thacker                         [phone] 
 Financial PR (United Kingdom) 
 Tavistock                             [phone] 
 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 [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDMZMZGLKVGGZM

(END) Dow Jones Newswires

October 26, 2020 03:00 ET (07:00 GMT)