AfriTin seeks to raise £5.5m in share placement

23rd May 2018 By: Marleny Arnoldi - Creamer Media Online Writer

AfriTin seeks to raise £5.5m in share placement

Terence Goodlace, who has been appointed a nonexecutive director of AfriTin
Photo by: Creamer Media

Aim-listed tin development company AfriTin Mining hopes to raise £5.5-million in an accelerated bookbuild to fast-track the work programme at its flagship Uis mine, in Namibia.

The fundraising follows a successful six months since AfriTin’s admission to Aim in November and the company generating support from new and existing shareholders.

The work programme at Uis includes an exploration drilling programme and geoscientific work with the goal of declaring a Joint Ore Reserves Committee-compliant resource.

“It is anticipated that the [exploration] programme will confirm the historical mineral resources as published by consultancy SRK Consulting in 1987,” said AfriTin.

This programme will require the procurement of geological equipment, drilling into the V1/V2 pegmatite and other pegmatites (to expand the resource base), sample analysis, geological modelling and reporting.

The work programme also includes a bankable feasibility study for the final mine configuration. This will require geometallurgical characterisation, metallurgical testwork and process flow design.

Additionally, the company will incorporate upgrades to the process design of the Phase 1 plant, to improve the planned beneficiation performance. The intention is that these upgrades will involve the addition of a fourth crushing stage, a second stage in the dense medium separation circuit, as well as the dewatering equipment to improve the planned process water recovery.

Moreover, AfriTin has appointed Terence Goodlace as nonexecutive director, with immediate effect.

Goodlace also serves on the boards of gold miner Gold Fields and metals miner Kumba Iron Ore.