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Financial|Mining
financial|mining

AfriTin completes lending facility for processing plant expansion at Uis

26th November 2021

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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Aim-listed AfriTin Mining’s lending facility with Standard Bank Namibia to fund the expansion of the Phase 1 processing plant at the Uis tin mine, in Namibia, has now been executed.

AfriTin has reached financial close of the N$90-million senior secured term loan with Standard Bank Namibia.

The immediate drawdown of the total amount available under the term loan marks the beginning of a long-term financing partnership with Standard Bank, the company notes.

The monies from the term loan will be used to fund the expansion of the Phase 1 pilot processing plant.

“We are pleased to announce the financial close and drawdown of the term loan facility with Standard Bank Namibia.

“This marks the start of a long-term financing partnership to continue the rapid development of the Uis tin mine to its full potential and growing our tech-metal revenue profile,” says CEO Anthony Viljoen.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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