Business
Unaudited Interim Results 6 Months Ended 31/08/22
Unaudited Interim Results 6 Months Ended 31/08/22.
About this update from Andrada Mining Limited
[{"type":"text","content":"\n \n \n \n 17 November 2022\n \n \n \n \n AfriTin Mining Limited\n \n \n \n (\"AfriTin\", the \"Company\" or the \"Group\")\n \n \n Unaudited Interim Results\n \n \n for the six months ended August 2022\n \n \n AfriTin Mining Limited (AIM: ATM), an African technology metals mining company with a portfolio of mining and exploration assets in Namibia , is pleased to release its unaudited interim results for the six months ended 31 August 2022 which should be read in conjunction with the Company's previous operational results communicated on 15 September 2022. (\n \n \n https://polaris.brighterir.com/public/afritin_mining/news/rns/story/ry59p7w?confirm=1\n \n \n )\n \n \n \n \n \n Highlights:\n \n \n §\n Six month production up 23% to 454 tonnes of tin concentrate (286 tonnes of contained tin) compared to H1 2021: 368 tonnes (227 contained);\n \n \n §\n Phase 1 processing plant continued to exceed targets and nameplate capacity;\n \n \n §\n Revenue of £4.7 million (H1 2021: £5.1 million) impacted by the decrease in the tin price as well as the impact of the timing of settlement adjustments (initial prepayment versus final settlement spot prices during reporting period);\n \n \n §\n Average tin price achieved before settlement adjustment for the six month period of US$25 227/tonne (H1 2021: US$36 910/tonne);\n \n \n §\n Cost of sales of £5.7 million (H1 2021: £4 million) reflecting inflationary pressures of high fuel prices and higher maintenance costs;\n \n \n §\n Except for higher fuel prices, aforementioned cost factors are expected to be resolved during H2 2022;\n \n \n §\n Unit costs expected to improve with the achievement of higher production volumes from the Phase 1 Expansion Project;\n \n \n §\n Cash and Cash Equivalents of £12.2 million as at 15 November 2022, subsequent to the US$53.6 million proposed funding package announced in September 2022; and,\n \n \n §\n Commissioning of the Uis Phase 1 Expansion Project is now complete with production projected to ramp to more than 1 200 tpa of tin concentrate in H2 2022.\n \n \n \n \n \n Chief Executive Officer's Statement\n \n \n I am proud of the AfriTin operational team for once again producing an impressive half-yearly production performance. The first half of FY2023 has seen internal tin production targets exceeded at the Uis Mine and an unwavering ...