Afritin Mining Limited NPV (ATM)

Sector:

Mining

Index:

FTSE AIM All-Share

 2.60p
   
  • Change Today:
      0.000p
  • 52 Week High: 3.63
  • 52 Week Low: 1.38
  • Currency: UK Pounds
  • Shares Issued: 653.15m
  • Volume: 1,119,205
  • Market Cap: £16.98m
  • RiskGrade: 338

AfriTin Mining raises ?3.8m as it continues ramp-up at Uis

By Josh White

Date: Tuesday 26 Nov 2019

LONDON (ShareCast) - (Sharecast News) - Namibia and South Africa-focussed tin mining company AfriTin Mining has raised £3.8m through the issue of unsecured loan notes, it announced on Tuesday.
The AIM-traded firm also updated the market on operations at its flagship Uis Tin Mine in Namibia, which is currently in the commissioning phase.

It said the £3.8m was raised by way of convertible loan notes with a strategic African tin trading group and existing shareholders.

The proceeds were to be used for general working capital purposes relating the progression of the project towards feasibility studies for the second phase expansion at Uis, and initial testwork on the lithium discovery within the pegmatite ore body.

AfriTin said the First shipment of tin concentrate was scheduled for the end of November, and added that the plant ramp-up remained ongoing with name plate first phase production of 60 tonnes of tin concentrate a month expected early in 2020.

Construction of the grid electrical power connection at Uis was complete and energized, the board confirmed, allowing for "rapid progression" of the ramp up.

"I am pleased to announce the raising of £3.8m by way of a convertible loan note, anchored by AfriMet," said chief executive officer Anthony Viljoen.

"We have been collaborating with AfriMet to establish multiple channels for revenue generation from the trade in tin and tantalum products as well as offering participation to our existing shareholder base, who have also subscribed to the loan note.

"The proceeds of the funds will be used to fund working capital requirements relating to the progress of the project towards the studies for phase 2 expansion at Uis and initial testwork on the lithium discoveries within the pegmatite ore body."

Viljoen said the company's mining activities were proceeding as planned, adding there were 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."

Ramp up at the processing plant has progressed slightly slower than expected, Viljoen noted, due to the delay in receiving grid power.

"The connection in grid power is now complete and this will allow for testing of final processing refinements for the ramp up to steady state first phase levels into 2020."

At 1318 GMT, shares in AfriTin Mining were down 2.44% at 3p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

ATM Market Data

Currency UK Pounds
Share Price 2.60p
Change Today 0.000p
% Change 0.00 %
52 Week High 3.63
52 Week Low 1.38
Volume 1,119,205
Shares Issued 653.15m
Market Cap £16.98m
RiskGrade 338

ATM Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
7.02% below the market average7.02% below the market average7.02% below the market average7.02% below the market average7.02% below the market average
37.5% below the sector average37.5% below the sector average37.5% below the sector average37.5% below the sector average37.5% below the sector average
Price Trend
0.84% above the market average0.84% above the market average0.84% above the market average0.84% above the market average0.84% above the market average
52.94% above the sector average52.94% above the sector average52.94% above the sector average52.94% above the sector average52.94% above the sector average
Income Not Available
Growth
12.94% above the market average12.94% above the market average12.94% above the market average12.94% above the market average12.94% above the market average
14.29% above the sector average14.29% above the sector average14.29% above the sector average14.29% above the sector average14.29% above the sector average

ATM Dividends

No dividends found

Trades for 01-Jul-2020

Time Volume / Share Price
16:12 40,500 @ 2.50p
13:58 85,659 @ 2.53p
12:49 107,095 @ 2.53p
10:53 250,000 @ 2.53p
10:21 20,754 @ 2.65p

ATM Key Personnel

CEO Anthony Viljoen

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