The company announced the securement of the funds on 26 November. The funds were raised through the issuance of loan notes with AfriMet Resources, a strategic African tin trading group. This agreement forms part of a collaboration between the two companies to identify further opportunities in tin. AfriMet, a subsidiary of Vanomet AG, is a Swiss-based trader specialising in the 3Ts (tin, tantalum and tungsten). Proceeds from the loan notes are expected to be used towards general working capital at Uis in order to progress the project towards feasibility studies for Phase 2 expansion and initial work on the recently announced lithium discovery with the Uis pegamatite ore body.
Along with the funding announcement, AfriTin also issued an update on progress at Uis. According to the company, ramp-up towards full Phase 1 production is progress well, with approximately two months of stockpiled ore delivery to the processing plant. While there was a slight delay due to the procurement processes of the Namibian Power Corporation, the construction of the grid power connection has been completed. The processing plant’s crushing circuit is reportedly performing in line with the company’s expectations.
The main focus of commissioning work now is on the concentrator circuit. AfriTin report that this circuit required a series of refinements, but good progress is being made and the first shipment of tin concentrate expected towards the end of the month. However, this will be proportionate to the throughflow of the circuit, and shipments will be upscaled as the ramp-up to nameplate Phase 1 production continues. Full production of 60 tonnes per year is expected to be achieved in 2020 after the completion of commissioning.
Anthony Viljoen, CEO of AfriTin Mining, commented:
Our mining activities are proceeding as planned and there are two mining areas producing ore. This bodes well for our steady state production requirements in the future. We should ship our first tin concentrate from Uis at the end of November, a noticeable achievement for the Company.