Business
Half-year Report
Half-year Report.
About this update from Andrada Mining Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 3699A\n AfriTin Mining Ltd\n 29 September 2020\n \n \n \n \n AfriTin Mining Limited\n \n \n \n \n \n (\"AfriTin\" or the \"Company\" and with its subsidiaries the \"Group\")\n \n \n \n \n \n Unaudited Interim Results\n \n \n \n \n \n for the six months ended 31 August 2020\n \n \n \n \n \n AfriTin Mining Limited (AIM: ATM), an African tin mining company with its flagship asset, the Uis tin mine (\"Uis\") in Namibia, is pleased to release its unaudited interim results for the six months ended 31 August 2020. \n \n \n Highlights\n \n \n · \n Revenue increased to £1,083,996 for the six-month period ended 31 August 2020;\n \n \n · \n Phase 1 pilot plant continues to ramp up and achieved a production record of 37.5 tonnes of tin concentrate in August 2020; \n \n \n · \n Publication of an internal operational and financial and forecast review to accompany the mineral resource estimate (JORC 2012) conducted by CSA Global, indicated robust economics for current plant expansion; \n \n \n · \n The Company expects to complete the ramp-up to steady-state production of 60 tonnes of tin concentrate per month by the end of 2020; \n \n \n · \n Continued shipments of tin concentrate to Thaisarco, with the agreement renewed for a further 12 months which is anticipated to increase revenues further as production continues to ramp up; and, \n \n \n · \n Renewed and increased working capital and VAT facilities with Nedbank Namibia during the period.\n \n \n \n \n \n Chief Executive Officer's Statement \n \n \n Introduction \n \n \n Despite the continued global uncertainty around the COVID-19 pandemic and associated lockdown, AfriTin has steadily increased production at the Uis tin mine in Namibia, resulting in a marked increase in the revenue of the Company during the period. During this period, the operations of the Phase 1 pilot plant achieved a production record of 37.5 tonnes of tin concentrate in August 2020 despite ongoing planned shutdowns for plant improvements. This equates to 63% of expected Phase 1 steady-state production and with continued improvements we anticipate this increasing to steady-state production targets by the end of 2020. The off-take agreement with Thaisarco has been renewed for a further 12 months and the Company looks forward to building on this robust relations...