By Jaime Llinares Taboada
AfriTin Mining Ltd. said Tuesday that it has agreed to terms for a 90 million Namibian dollar (US$6.1 million) term loan with Standard Bank Namibia Ltd. to fund the expansion of its Uis tin-processing plant.
The mining company said the loan will fund the expansion of the current phase 1 pilot processing plant, which is planned to increase tin concentrate production by 67%. Commissioning is expected to be completed in the second quarter of 2022.
"This marks the start of a long-term banking partnership to continue the development of the Uis tin mine and provides a financing partner not only for the Phase 1 processing plant but the longer-term Phase 2 development plans," Chief Executive Anthony Viljoen said.
Shares at 0804 GMT were up 2% at 5.10 pence.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
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September 21, 2021 at 03:16PM
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AfriTin Secures $6 Mln Loan to Expand Processing Plant in Namibia - MarketWatch
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