AfriTin completes lending facility for plant expansion at Uis
• By Business Reporter
AIM-listed AfriTin Mining’s lending facility with Standard Bank Namibia to fund the expansion of the Phase 1 processing plant at the Uis tin mine, in Namibia, has now been executed.
AfriTin has reached financial close of the N$90 million senior secured term loan with Standard Bank Namibia.
The immediate drawdown of the total amount available under the term loan marks the beginning of a long-term financing partnership with Standard Bank, the company notes.
The monies from the term loan will be used to fund the expansion of the Phase 1 pilot processing plant.
“We are pleased to announce the financial close and drawdown of the term loan facility with Standard Bank Namibia.
“This marks the start of a long-term financing partnership to continue the rapid development of the Uis tin mine to its full potential and growing our tech-metal revenue profile,” says CEO Anthony Viljoen.
Recently, AfriTin also announced that a Definitive Feasibility Study on Uis tin mine in Namibia, confirmed the viability of expanding the current Phase 1 mining and processing facility.
The expansion would result in a 67 percent increase in tin concentrate production to 1 200 tonnes per annum. Significant exploration upside remains as the study only includes two of the 16 historically mined pegmatites and it excludes tantalum and lithium concentrate as potential by-products.