AfriTin’s interim results show that it continues to make progress at its flagship Uis tin project in Namibia, with first output to take place by the end of the year.
According to the company, construction of a phase-one pilot plant has progressed well over the last few months, and is set to be complete within the next six months. AfriTin is also aiming to finalize verification drilling and a JORC-compliant resource at Uis by early 2019.
The tin project’s development began with verification through local and regional geological mapping, which was then translated into a preliminary mine design plan for the phase-one pilot plant.
One key result from the mapping program was the delineation of more than 80 new pegmatite bodies that all display visible tin mineralization; this data will be used for future exploration initiatives. The program also helped the company identify further license areas of interest and acquisition.
The purpose of phase one is to provide early cashflow to AfriTin, and to create a platform to transition Uis into the bankable feasibility study (BFS) phase. Eventually the plan is to have a phase-two plant capable of producing 5,000 tonnes of tin concentrate per year.
Uis is AfriTin’s flagship project, and with its development moving forward at an accelerated rate the company is looking to raise an additional GBP 6 million for construction advancement, work initiation on the BFS and a drilling program for historic resources.
Once tin concentrate is being produced at the pilot plant, the company expects to expand its footprint in the region through acquisitions. It will also delve further into its other mining licence areas.
AfriTin’s interim results state that in the first six months of the year it entered an agreement with trading company MRI Trading to establish a buying station for local workers. The move was geared at establishing economic activity as part of a community upliftment program.
According to the announcement, AfriTin has already noticed an increase in how much concentrate is coming through the buying station.
AfriTin’s share price was at GBP 3.35 on the LSE as of 3:00 p.m. PST on Wednesday (October 24). The company is up just under 40 percent year-to-date.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.