AfriTin aims to capitalise on global tin deficit
By Business Reporter
AIM-listed AfriTin Mining achieved several key milestones at its Uis tin mine, in Namibia, during 2018 and is now focused on delivering a pilot plant capable of producing a profitable concentrate at the mine, while incorporating further optionality through regional expansion.
Reporting on the company’s preliminary financial information for the year ended February 28, on Tuesday, it indicated that it was aiming to become a “first mover” to take advantage of the current global tin deficit.
The group highlighted that the global tin market remained in a deficit, which had been exacerbated by production cuts in China.
Tin continues to be one of the better-performing commodities on the London Metal Exchange and AfriTin has noted strong medium-term demand, underpinned by growing applications for its use in new technologies, particularly in lithium-ion batteries.
The group, therefore, strives to position itself for growth on these solid supply/demand fundamentals.
The stable mining jurisdiction of Namibia, coupled with strong medium-term demand for tin, were strong positive factors for AfriTin’s long-term prospects, the company stated.
During 2018 – AfriTin’s first full year as an Aim-quoted company – it reached a number of important milestones, most notably the new mining and processing infrastructure established at Uis.
The focus had been on delivering catalysts for long-term value creation, namely the recommissioning of the Uis mine site and a new pilot plant for the start of Phase 1 production, while confirming and updating the historical resource.
Construction of the Phase 1 pilot plant was well advanced and production was imminent, AfriTin said on Tuesday.
Building on this solid base and turning to the year that lies ahead, AfriTin said it would focus on commissioning the Phase 1 pilot plant and becoming a producer of tin concentrate.
Attention would also be given to confirming a Joint Ore Reserve Committee-compliant resource and starting a full feasibility study (Phase 2) at the Uis mine.