AfriTin has today released an operational update for the month of October 2020.
The Board confirmed that during this period its Phase 1, Stage I ramp-up of the Namibian Uis Tin Mine Project (‘Uis’) continued according to plan, with production of tin concentrate increasing to 48.2 tonnes, representing a 24% month-on-month increase. The Company remains on track to achieve nameplate production of 60 tonnes/month by the end of 2020.
Significantly also in this respect, no confirmed COVID-19 cases have been recorded at Uis to date, with strict mitigation measures remaining in place to safeguard the workforce. Assuming nothing changes on this front, AfriTin will shortly have a platform in place from which to expand production towards Stage II goals along with the addition of tantalum by-product.
Having seen spot Tin prices stage a dramatic recovery since May, presently taking them close to 17-month highs in anticipation of governments around the world embarking on significant infrastructural and other development programmes to support their post-pandemic economies, AfriTin has potential to deliver positive monthly operational cash flow for the first time during calendar H1 2021.
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