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According to AfriTin, a second shipment of tin concentrate has also been dispatched from the Uis mine in Namibia.
London-listed AfriTin Mining (LSE:ATM,OTC Pink:AFTTF) has shipped the first tin concentrate from its flagship Uis tin mine in three decades, the company said on Tuesday (February 18).
AfriTin, which has assets in Namibia and South Africa, said it has delivered the first shipment of 6 metric tons of concentrate, grading more than 60 percent tin metal contained, to Thailand tin manufacturer Thaisarco. The companies signed a one year offtake agreement back in August — the same month AfriTin produced its first tin concentrate at Uis.
“The first shipment of tin concentrate and first revenues from the Uis tin mine in three decades marks a significant milestone for the company and the Erongo region of Namibia,” said CEO Anthony Viljoen.
According to AfriTin, another shipment of 20 metric tons of tin concentrate has also been dispatched from the mine. Additionally, processing plant throughput has increased by an average of 63 percent month-on-month from November 2019 to January 2020, rising from an initial 4,300 metric tons of ore to 11,400 metric tons of ore.
Looking ahead, over the next six months, the company plans to work on ramping up plant production at Uis to nameplate capacity of 45,000 metric tons of ore and 60 metric tons of tin concentrate per month. Uis was formerly the largest hard rock tin mine in the world.
The Uis tin mine, which was discovered in 1911, was put on care and maintenance after tin prices collapsed in the mid-1980s. AfriTin, a tin-focused spinoff of Bushveld Minerals (LSE:BMN) that acquired Uis in 2016, started developing the asset in 2017.
Uis has a JORC-compliant total resource of 71.54 million metric tons at 0.134 percent tin; an inferred mineral resource estimate of 71.54 million metric tons and 0.0085 percent tantalum for 6,091 metric tons contained tantalum; and an inferred mineral resource estimate of 71.54 million metric tons at 0.63 percent lithium oxide for 450,265 metric tons contained lithium oxide.
Aside from Uis, AfriTin holds an interest in the Mokopane tin project in South Africa.
On Tuesday, shares of AfriTin were trading at GBX 2.82, up 1.44 percent.
Image courtesy of AfriTin.
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Securities Disclosure: I, Priscila Barrera, currently hold no direct investment interest in any company mentioned in this article.