AfriTin beats Q1 production forecast at Uis

AIM-listed AfriTin Mining has exceeded its first-quarter production target at the Uis tin mine in Namibia despite power supply issues and outages at its processing plant.
AfriTin beats Q1 production forecast at Uis AfriTin beats Q1 production forecast at Uis AfriTin beats Q1 production forecast at Uis AfriTin beats Q1 production forecast at Uis AfriTin beats Q1 production forecast at Uis

AfriTin Mining's Uis tin mine in Namibia once the largest tin mine globally

Oonagh Reidy

First-quarter tin concentrate production hit 183 tonnes, containing 114t of tin metal, for the period March 1 to May 31, compared to a forecasted 180t. The previous quarter saw concentrate production of 195t.
 
Ore processed dropped 4.6% quarter-on-quarter to 115,751t in Q1, however, with power supply issues hampering plant availability coupled with planned downtime due to DMS circuit upgrades and breakdowns in the crushing circuit during March.
 
The miner classified the issues as extraordinary and did not reoccur during the quarter.
 
 
Feed grade fell to 0.167 - from 0.186 - due to natural grade variations in the mining area but looks set to recover later in the year and 2022.
 
This drop was offset somewhat by a 6% lift in overall tin recovery qoq.
 
The company has started the phase one expansion of the Uis plant, after raising £13 million in an oversubscribed placement in May.
 
recent definitive feasibility study indicated the expansion would increase the plant's tin concentrate production capacity by 67% to 1,200t/y with a NPV of US$12.1 million and IRR of 54% against a capital cost of $5.1 million.
 
AftriTin chief executive Anthony Viljoen is also hoping the plant expansion will "unlock the exciting and significant lithium and tantalum by-product potential we have across our extensive resource base".  
 
The company is sending concentrate to its offtake partner Thaisarco via the Port of Walvis Bay despite COVID-19 related shipping delays and is receiving pre-payments from the Thailand-based company - capitalising on the ten-year high tin price of US$31,495/t.
 
Shares are changing hands at 5.8p on Monday, valuing the company at £64.5 million. Shares have lifted 216% in the last year.