https://www.miningweekly.com

AfriTin, Swiss firm mull establishment of artisanal tin-buying operation

20th April 2018

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

Font size: - +

Aim-listed AfriTin Mining has signed a nonbinding memorandum of understanding (MoU) with Swiss precious metals distributor MRI Trading regarding the establishment of an artisanal buying operation for tin concentrate in Namibia.

AfriTin intends to explore, with MRI, the possibility of sourcing cassiterite concentrate from local artisanal miners to establish early cash flows for its Uis tin mine.

This proposal could also add value to the people of Damaraland, in Namibia, by providing economic opportunities to the community.

Additionally, AfriTin and MRI will explore establishing a buying station, which would allow for the analysis of the material offered by the artisanal miners. The results of the analysis from such a buying station will determine whether material is bought or rejected.

The terms of the nonbinding MoU are still subject to further discussion and negotiation, but include MRI providing funding of up to $200 000 for the setup operation of the proposed buying station for an initial 12-month period, which will include the required equipment, working capital and employing an on-the-ground trader or manager.

Conditional execution of an offtake contract is also included in the MoU terms, whereby MRI will have the exclusive right to all material bought from the artisanal miners through the buying station. AfriTin will receive 50% of the net profits received by MRI resulting from the on-sale of the artisanal material.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.172 0.211s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: