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.