TIDMATM
RNS Number : 3383J
AfriTin Mining Ltd
26 April 2022
26 April 2022
AfriTin Mining Limited
("AfriTin" or the "Company")
Uis Phase 2 Expansion: Preliminary Economic Assessment (PEA)
Results
AfriTin Mining Limited (AIM: ATM), an African tech-metals mining
company with a portfolio of mining and exploration assets in
Namibia, is pleased to announce the results of its internally
produced Preliminary Economic Assessment ("PEA") for the Phase 2
expansion of the Company's flagship polymetallic asset, the Uis
Mine ("Uis").
Link to full pdf version with images:
https://afritinmining.com/uis-phase-2-expansion-preliminary-economic-assessment-pea-results/
Highlights:
-- After-tax NPV8 of US$2.1 billion, and IRR of 75%*;
-- Significant annual cashflow with rapid payback of 1.5 years
from an open-pit tin, lithium, and tantalum mine*;
-- Proven profitable Phase 1 Pilot plant significantly de-risks
the execution and process flow design of Phase 2*;
-- Average production of 10 Mtpa ROM per year with 14-year mine
life and low strip ratio of 1:2.6*;
-- EBITDA margin of 64%, or US$62/t ROM*; and
-- Owner's CAPEX of $440m, including a 30% contingency.*.
* subject to the assumptions, qualifications and limitations set
out below
Anthony Viljoen (CEO) commented:
"I am delighted to present the preliminary economic assessment
for Phase 2 at our flagship Uis asset in Namibia. This PEA shows
outstanding economics and returns for the expansion and allows us
to move forward with excitement to a full bankable feasibility. The
fact we have successfully brought phase 1 into production allows us
to significantly de-risk phase 2 from the considerable learnings in
building a new mine. Phase 2 will see AfriTin produce globally
significant volumes of tin, lithium and tantalum which are vital in
meeting the demands of the transition to a new efficient greener
technology future. "
Background to the PEA
The historic Uis Mine in Namibia was owned and operated by ISCOR
between 1958 and 1991 as a tin mine. AfriTin set out to
re-establish the operation in two phases: Phase 1 is a low capital,
cash generating initial production facility, serving as a pilot for
Phase 2, which is planned as a scaled-up version of the initial
phase. Both phases also aim to exploit the tantalum and lithium
by-product potential of the deposit. The Company has successfully
established the tin producing circuits of Phase 1, with the
by-product circuits currently in the design and testing stages.
This puts the Company in a position to proceed with a feasibility
study for the ultimate Phase 2, of which the PEA represents the
first step.
Summary of Phase 2 Project Economics
The salient results of the Base Case of the Phase 2 PEA,
including tin, lithium and tantalum, are presented in Table 1.
Table 1 : Summary of Economics (Base Case)
NPV (after tax, 8.0% real WACC) US$2.10 billion
IRR (after tax) 75%
Life of Mine 14 years
Initial CAPEX US$440 million
Payback Period (after tax) 1.5 years
Annual Gross Revenue US$880 million
Annual EBITDA US$620 million
Ore Throughput 10 million tpa
ROM
AISC per ROM Tonne US$35/t ROM
Gross Revenue per ROM Tonne US$97/t ROM
EBITDA per ROM Tonne US$62/t ROM
EBITDA Margin 64%
Sensitivities
The sensitivity of the project economics to commodity prices was
tested for Low and High price scenarios, in addition to the Base
Case assumptions.
Table 2 : Project sensitivity to commodity prices (nominal, 2025
forecast)
Parameter Low Base Case High
Tin Price 30,000 40,500 * 50,000
Petalite Price 800 1,150 ** 1,600
Tantalite (Ta(2) O(5) ) Price 180,000 240,000 *** 300,000
NPV (after tax) US$1.12 US$2.10 billion US$3.01 billion
billion
IRR (after tax) 49% 75% 94%
* Bloomberg Consensus Pricing (11 April 2022) - 2025 forecast
(nominal)
** Wood MacKenzie February 2022 Quarterly Update - 2025 forecast
(nominal)
*** Roskill Tantalum Outlook to 2029, 15(th) Edition - 2025
forecast (nominal)
Whilst the Directors believe these assumptions to be reasonable
based on informed forecasts and trends it is nevertheless noted
that (i) the valuation of the Uis project is particularly sensitive
to the price of tin - the current tin price of US$43,949 per tonne
is at a historic high; therefore there is no guarantee that the tin
prices quoted here will be achieved; and (ii) not all the resources
which form the basis of the assumptions are part of a JORC
compliant resource update. Further information is provided
below.
The sensitivity of the Phase 2 project economics was also tested
for the exclusion of by-products, for the following three
scenarios:
Table 3 : Project sensitivity to the exclusion of
by-products
Parameter Tin Only, No By-Products Tin, & Lithium Tin, & Lithium
By-product By-product & Tantalum
By-product
Initial CAPEX US$333 million US$430 million US$440 million
NPV8 (after US$610 million US$1.95 billion US$2.10 billion
tax)
IRR (after
tax) 40% 72% 75%
Project Development Planning
The project development programme for the Uis Phase 2 project
consists of the following planned work streams:
-- Metallurgical test work related to the potential lithium and tantalum by-products;
-- Exploration drilling with an ambition to expand the
JORC-compliant mineral resource estimate and increase the
geological confidence for by-product elements;
-- Feasibility studies including scoping analysis, trade-off
analysis and refinement to bankability stage; and
-- Board approval for the the construction and commissioning of
Phase 2 mining and processing facilities upon the successful
completion of feasibility studies and associated project
financing.
Metallurgical Test Work
The metallurgical and cost performance of the current tin
producing operation provides a definitive input for the tin related
aspects of the feasibility study for Phase 2. However, the Company
is conducting a comprehensive test work programme for the potential
lithium and tantalum by-products, and new, complementary
technologies. The test work consists of off-site research and
development by reputable service providers, and on-site bulk test
work using pilot plant facilities.
Test work for a lithium product in the form of petalite
concentrate is in progress with FT Geolabs (South Africa), Nagrom
(Australia) and Anzaplan (Germany). In parallel, the Company
intends to appoint an EPCM contractor for the construction and
commissioning of a bulk test facility at Uis, to enable the pilot
production of a 4.0% Li(2) O petalite concentrate that could
potentially be sold into both the technical market (glass/ceramics)
and the chemical market (converters to lithium
carbonate/hydroxide).
Test work for the production of a tantalum concentrate is in
progress with LightDeepEarth (Pty) Ltd (South Africa) and AfriMet
Resources AG (Switzerland). The results of this work will inform
the construction of a potential tantalum separation circuit at
Uis.
Sensor-based ore sorting has been identified as a concentration
technology with the potential to transform the capacity and cost
base of processing facilities at Uis for tin, tantalum and lithium.
Ore sorting can potentially pre-concentrate dry, coarsely crushed
ore by two to four times the run-of-mine grade. AfriTin is
collaborating with Steinert GmbH (Germany) to test and develop the
metallurgical parameters as input to the feasibility study. In
addition, the Company intends to appoint an EPCM contractor for the
construction and commissioning of a bulk test facility at Uis,
enabling the pilot production of both a tin/tantalum and lithium
pre-concentrate.
Exploration programme
An exploration drilling programme is currently underway at Uis
with the aim of expanding the mineral resource for tin over
fourteen additional, historically mined pegmatites, all of which
occur within a five km radius of the current processing plant.
Further work is required to achieve a mineral resource target of
200 Mt of ore, which we believe is possible based on our knowledge
of the area and the historic work already undertaken. The company
has planned and is executing a full exploration drilling
requirement of 150,000 m that will run concurrently with ongoing
operations and feasibility studies. The programme aims to confirm
the historical drill hole database for tin over the additional
pegmatites and provide infill drilling data for the expansion of
lithium and tantalum mineral resources.
Funding Strategy
The development of the Uis Phase 2 project is underpinned by the
Company's technical, financial and managerial capability built up
through the operation of the Uis Phase 1 project. The current Phase
1 operation produces approximately 850 tpa of tin concentrate,
resulting in revenues of approximately US$20 million pa and an
EBITDA of approximately US$10 million pa.
The Company believes that the expansion of Uis Phase 1, as set
out in the announcement of 6 April 2022, can further enhance the
cash generating capability of the Phase 1 operation. Table 4 sets
out the EBITDA potential for the various stages of expansion of
Phase 1, as well as for Phase 2.
Table 4 : Project milestones for Uis and projected EIBTDA
impact
Phase Milestone Potential Commissioning Date Potential EBITDA (US$ pa)
Phase 1 Crushing Circuit Expansion Q4 2022 US$20 million
Ore Sorting Implementation Q4 2023 US$50 million
By-product Implementation Q2 2023 US$100 million
Phase 2 Ultimate Phase 2 Implementation 2026 US$620 million
The funding of the Phase 2 project will be determined by the
Company and its Directors in due course but is likely to be derived
from operational cash flows generated from the Phase 1 operation
(Table 4), from project debt financing and/or a strategic equity
component.
Mineral Resource
The mineral resource target for Uis Phase 2 consists of a
JORC-compliant resource estimate of 72.54 Mt (see announcement
dated 19 September 2019), the details of which are set out below;
estimates are based on historical drill hole data
(non-JORC-compliant, produced by ISCOR from 1958 to 1991) and
internal estimates based on modelling of extensions to known
pegmatites (non-JORC compliant).
A mineral resource estimate (MRE) for the V1/V2 pegmatite
orebody has been reported by CSA Global in accordance with the JORC
Code (2012 Edition) (see Appendix A below and the announcement
dated 16 September 2019). The mineral resource has been reported
above a cut-off of 0.05% Sn on 16 September 2019. Exploration
targets for the other pegmatites proximal to V/V2 have been defined
by the Company and are included in Table 4. Combined with the
existing MRE, the total mineral resource target amounts to more
than 200 million tonnes of ore. However, the non-JORC compliant
resource and the Company's internal estimates, which are also not
JORC compliant, are still subject to verification, validation and
external review; accordingly, such numbers are provided for
guidance only. There can be no guarantee that the final
JORC-compliant resource estimate will reconcile with these
early-stage calculations.
Table 5 : Mineral Resource target
Area Commodity Resource Classification Classification Ore Tonnes Grade Contained Metal (t)
(Mt)*
V1/V2 Sn JORC - Measured 21.54 0.139 % 29 899
JORC - Indicated 13.05 0.136 % 17 765
JORC - Inferred 36.95 0.130 % 47 875
Subtotal 71.54 0.134% 95 539
Ta JORC - Inferred 71.54 85 ppm 6 091
Li(2) O JORC - Inferred 0.63 % 450 265
Northern Cluster Sn Non-JORC 34.26 0.141 % 48 419
Ta Non-JORC 80 ppm 2 740
Li(2) O Non-JORC 0.50% 171 277
Central Cluster Sn Non-JORC 10.78 0.142 % 15 277
Ta Non-JORC 80 ppm 863
Li(2) O Non-JORC 0.50% 53 908
Southern Cluster Sn Non-JORC 37.52 0.128% 48 065
Ta Non-JORC 80 ppm 3 001
Li(2) O Non-JORC 0.50% 187 593
Far Southern Cluster Sn Non-JORC 51.85 0.130% 67 410
Ta Non-JORC 90 ppm 4 667
Li Non-JORC 0.50% 259 267
TOTAL Sn 205.95 0.134% 274 710
Ta 81 ppm 17 362
Li(2) O 0.54 % 1 122 310
* this is the gross to the project; the net attributable to
AfriTin is 85% of this total.
Geology and Mineralisation
The mining licence ML 134 is approximately 200 km(2) in size and
includes a large portion of a Sn-Nb-Ta type pegmatite swarm in the
Uis area. The pegmatites are granitic in composition and are
homogeneous intrusions without prominent mineral zonation.
Mineralisation in terms of Sn, Ta and Nb is generally associated
with alteration zones known as greisens and saccharoidal aplitic
units. In addition to the Sn and Ta mineralisation within the Uis
swarm, lithium phases have also been identified in the form of
lepidolite, petalite, eucryptite and cookeite. On ML 134 the
primary lithium mineral is petalite.
Mining
Mining will consist of conventional open pit methods employing
low carbon truck and excavator combinations and is planned to take
place over multiple pegmatite ore bodies from four to five pits
concurrently. The total non-JORC compliant mining reserve (provided
for guidance purposes only) is 134 million tonnes of ore, which
could result in mine life of 14 years. The mining plan features a
production rate of 10 Mtpa ROM ore at an average overburden
stripping ratio of 2.6.
Metallurgy and Processing
An intensive ongoing test work programme in conjunction with the
established Uis Phase 1 processing operations is underway to
increase the level of confidence in the selected testing of
processing technologies for production of saleable tin, tantalum,
and lithium concentrates. For the production of tin the Phase 1
operation serve as a proof-of-concept for the larger scale Phase 2
development.
For Phase 2 the beneficiation process may involve dry crushing
of the ROM ore and the use of sensor-based ore sorting once
confirmed through test work. The pre-concentrates from this process
could then be treated through various wet concentration circuits to
produce saleable concentrates.
The tin and tantalum minerals could be pre-concentrated by
employing x-ray transmission (XRT) ore sorting and concentrated
through dense medium separation (DMS), gravity separation and
magnetic separation. The lithium mineral petalite could be
pre-concentrated through near-infrared (NIR) ore sorting,
concentrated through DMS and cleaned through milling and
flotation.
The following overall processing plant recoveries have been
modelled in the PEA:
Table 6 : Overall processing plant recoveries.
Commodity Overall Processing Plant
Recovery
Tin 70%
Lithium* 30%
Tantalum* 20%
* These by-products are not currently in production; figures
based on metallurgical test work and theoretical process
modelling.
A zero effluent plant is planned to include dewatering systems
for all concentrate and discard streams to aim for maximum water
conservation and eliminate the need for tailings dams. Dry tailings
will be co-disposed with course plant discard onto a discard
dump.
Bulk Infrastructure
Uis is connected to the main industrial centres by road. Gravel
roads are regularly maintained and are suitable for heavy
transport. Imports from South Africa are by road via Windhoek. The
nearest port is Walvis Bay (230 km away). The intention is that all
goods and products will be handled through this port. The port
infrastructure is considered by the Directors to be of a high
standard with capacity for container handling and bulk materials
export.
The total estimated water supply for ore processing and domestic
use for the project is 1,350,000 m(3) pa. The Directors consider
the Erongo desalination plant between Swakopmund and Henties Bay on
the west coast of Namibia to have sufficient capacity to supply
water to the project. An existing pipeline delivers desalinated
water to the Orano Mining facility at Trekkopje, where offtake is
available for supply to Uis by way of a new pump system and
pipeline. The feasibility study for Phase 2 will also investigate
alternative water supply solutions, including a standalone
desalination facility at the coast 110 km away. The Company is
employing infrastructure specialist advisory Bigen to assist with
technical and financial studies, including the exploration of
alternative funding and offtake models.
A connection to the national power grid is planned for the Uis
Project with a new feeder connected to the southern grid at a
NamPower substation located at Trekkopje, due south of Uis. The
estimated future demand for Uis is 40 MVA. The Phase 2 feasibility
study will also explore alternative power infrastructure solutions,
including a standalone renewable energy option, and alternative
funding and offtake models.
Product Offtake
AfriTin has established an offtake agreement (valid until 2023
with the option to renew) for tin concentrate with the Thailand
Smelting and Refining Company Ltd (Thaisarco), located in Phuket,
Thailand. Thaisarco is one of the main tin smelting and refining
companies outside China. The agreement, in place since 2019,
provides for the sale of concentrate from Uis Tin Mining Company
(the operational entity) directly to Thaisarco.
AfriTin has an established offtake agreement with AfriMet for
all the tantalum concentrate produced. The agreement, in place
since 2021, provides for the sale of tantalum concentrate from Uis
Tin Mining Company (the operational entity) directly to
AfriMet.
Long-term off-take agreements with conversion facilities, as
well as sales on the spot market, will be fully investigated for
lithium in the next phase of study. AfriTin has commenced with
initial discussion with potential lithium chemical conversion
companies, as well as various traders. The Company expects to
produce bulk samples for potential offtake partners from its
petalite bulk test facility from Q4 2022. Further updates will be
provided in due course.
Under steady state conditions the Uis Phase 2 project is
projected to produce:
-- 15,000 tonnes of tin concentrate per annum (9,000 tonnes of contained tin per annum)
-- 1,000 tonnes of tantalum concentrate per annum (200 tonnes of
contained Ta(2) O(5) per annum)
-- 450,000 tonnes of 4% lithium petalite concentrate per annum
(18,000 tonnes of contained Li(2) O, or 45,000 tonnes of contained
LCE per annum)
Considering the stage of the feasibility study, these production
rates cannot be guaranteed.
Operating Expenditure (OPEX) and Capital Expenditure (CAPEX)
The assumptions for operating expenditure and capital
expenditure utilised in the Company's internal PEA are set out
below:
Table 7 : OPEX table
Description Units Value (US$)
Ore mining cost US$/tonne of ore mined 4.30*
US$/tonne of waste
Waste mining cost mined 1.30
Processing cost US$/tonne of ore processed 7.50
Mine overheads US$ per annum 7,200,000
Selling cost US$/tonne of ore processed 20.30
* Including rehandling & plant tailings co-disposal
costs
Table 8 : Initial CAPEX Table
CAPEX Item Value (US$)
Study Costs 13,000,000
Exploration 30,000,000
Working Capital 20,000,000
Mining Engineering and Mine Development 2,500,000 *
Ore Processing Engineering 6,000,000
Ore Processing Infrastructure 140,000,000
Mine Support Infrastructure 30,000,000
Bulk Electricity Supply 40,000,000
Bulk Water Supply 57,000,000
Contingency @ 30% 101,550,000
Project Total Initial Capital 440,050,000
* Excludes mining equipment, assumes contractor mining
ESG Considerations and Credentials
AfriTin is committed to developing projects through responsible
and sustainable mining operations that recognise tin, lithium and
tantalum mining as fundamental to shaping the fourth industrial
revolution and a green energy future. With this in mind, AfriTin is
taking steps to build its approach to sustainability by the
implementation of a five-year ESG roadmap aimed to deliver leading
industry practise during Phase 2 operations. The Company's roadmap
is aligned with leading international sustainability benchmarks,
including the United Nations Suitability Development Goals,
International Finance Corporation (IFC) Standards, and
International Council of Metals and Mining (ICMM) Principles.
AfriTin's current operations in Namibia has established the
Company as a respected employer and corporate citizen. The
Directors believe that the Uis Phase 2 Project will act as catalyst
for further economic growth and employment opportunities both
directly and indirectly for the community around our operation, but
also for the region and country. The Project is expected to be a
significant contributor to the Namibian treasury through tax
revenue. Through partnerships with government and civil society, we
aim to ensure that benefits of our operational expansion extend
beyond the life of the mine itself, so that the operations have a
positive impact on the natural environment, climate change, and
social capital.
AfriTin is committed to developing relationships with our
stakeholders built on open, transparent, and constructive
engagement, and securing a strong and stable social licence to
operate.
Competent Person
The technical data in this announcement has been reviewed by
Laurence Robb, a Non-Executive Director of AfriTin. Laurence Robb
(BScHons, MSc, PhD, FGS, FGSSA, FRSSA) has more than 40 years of
industry-related mineral project development experience. He is
registered as a Professional Natural Scientist with The South
African Council for Natural Scientific Professions, and Chartered
Geologist with the Geological Society of London. He was Professor
of Economic Geology and Director of the Economic Geology Research
Institute in the University of the Witwatersrand's School of
Geosciences. He is currently based at Oxford University as a
Visiting Professor. He has reviewed the technical disclosures in
this release and consents to the release of the information
contained herein.
Forward-Looking Statements
This announcement may contain some references to forecasts,
estimates, assumptions and other forward-looking statements.
Although the Company believes that its expectations, estimates and
forecast outcomes are based on reasonable assumptions, it can give
no assurance that they will be achieved. They may be affected by a
variety of variables and changes in underlying assumptions that are
subject to risk factors associated with the nature of the business,
which could cause actual results to differ materially from those
expressed herein. All references to dollars ($) and cents in this
announcement are in United States currency, unless otherwise
stated. Investors should make and rely upon their own enquiries
before deciding to acquire or deal in the Company's securities.
Glossary of abbreviations
EMP Environmental management plan
ESG Environmental, social and governance
ESIA Environmental and social impact assessment
ICMM International Council on Mining and Metals
IRR Internal rate of return
JORC The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
km Kilometres
LCE Lithium carbonate equivalent
Li Symbol for Lithium
Li -> Li (2) O Metal to metal-oxide conversion factor of 2.153
Li (2) O Lithium oxide
MVA Megavolt amperes
Nb Symbol for Niobium
NPV Net present value
pa Per annum
ppm Parts per million
ROM Run-of-mine
Sn Symbol for Tin
Ta Symbol for Tantalum
Ta -> Ta(2) O(5) Metal to metal-oxide conversion factor of 1.211
Ta(2) O(5) Tantalum pentoxide
tpa Tonnes per annum
WACC Weighted average cost of capital
Glossary of Technical Terms
Indicated Mineral Resource The part of a Mineral Resource for which quantity, grade, quality, etc., can be estimated
with a level of confidence sufficient to allow the appropriate application of technical
and
economic parameters, to support mine planning and evaluation of economic viability
Inferred Mineral Resource The part of a Mineral Resource for which quantity and grade or quality can be estimated on
the basis of geological evidence and limited sampling and reasonably assumed, but not
verified,
geological and grade continuity
Measured Mineral Resource The part of a Mineral Resource for which quantity, grade or quality, etc., are well enough
established that they can be estimated with confidence sufficient to allow the appropriate
application of technical parameters to support production planning and evaluation of
economic
viability
Mineral Resources Mineral Resources are sub-divided, in order of increasing geological confidence, into
Inferred,
Indicated and Measured categories. An Inferred Mineral Resource has a lower level of
confidence
than that applied to an Indicated Mineral Resource. An Indicated Mineral Resource has a
higher
level of confidence than an Inferred Mineral Resource but has a lower level of confidence
than a Measured Mineral Resource
Petalite A lithium aluminium phyllosilicate mineral LiAlSi(4) O(10)
AfriTin Mining Limited +27 (11) 268 6555
Anthony Viljoen, CEO
Nominated Adviser +44 (0) 207 220 1666
WH Ireland Limited
Katy Mitchell
Corporate Advisor and Joint Broker
H&P Advisory Limited
Andrew Chubb
Jay Ashfield
Nilesh Patel +44 (0) 20 7907 8500
Stifel Nicolaus Europe Limited
Ashton Clanfield
Callum Stewart +44 (0) 20 7710 7600
Tavistock Financial PR (United
Kingdom) +44 (0) 207 920 3150
Jos Simson
Oliver Lamb
Nick Elwes
About AfriTin Mining Limited
Notes to Editors
AfriTin Mining Limited is a London-listed tech-metals mining
company with a vision to create a portfolio of globally
significant, conflict-free, producing assets. The Company's
flagship asset is the Uis Tin Mine in Namibia, formerly the world's
largest hard-rock open cast tin mine.
AfriTin is managed by an experienced board of directors and
management team with a current strategy to ramp-up production at
the Uis Tin Mine in Namibia to more than 10,000 tonnes of tin
concentrate and 350,000 tonnes of lithium concentrate in a Phase 2
expansion, having reached Phase 1 commercial production in 2020.
The Company strives to capitalise on the solid supply/demand
fundamentals of tin and lithium by developing a critical mass of
resource inventory, achieving production in the near term and
further scaling production by consolidating assets in Africa.
APPIX A
Mineral Resource Estimate for Uis (taken from the announcement
of 19 September 2019)
Table 1: AfriTin Mining tin (Sn) Mineral Resource estimate
(JORC- 2012) of the Uis Tin Mine V1 and V2 pegmatites at a cut-off
grade of 0.05% Sn.
Gross Net Attributable (85%*) Operator
Tonnes Sn Contained Tonnes Sn Contained
Resource (Mt) (%) metal (Mt) (%) metal
Classification (t) (t)
AfriTin
Measured 21.54 0.139 29,899 18.31 0.139 25,414 Mining
AfriTin
Indicated 13.05 0.136 17,765 11.09 0.136 15,100 Mining
AfriTin
Inferred 36.95 0.130 47,875 31.41 0.130 40,694 Mining
AfriTin
Total 71.54 0.134 95,539 60.81 0.134 81,208 Mining
Source: CSA Global
Note: The constraining pit shell is based on a revenue factor of
1.5, employing a 3-year trailing average tin price of USD 20,000/t.
Ore losses and mining dilution were set at 5%. Pit slope angles
were assumed to be 50deg with an assumed metallurgical recovery of
Sn of 80%, producing a concentrate of 60% Sn. Mining, Treatment, G
and A and Selling Costs have been supplied by AfriTin and reviewed
for reasonableness by CSA Global. A Sn cut-off grade of 0.05% Sn
has been applied to resources within the constrained pit. Tabulated
data have been rounded off and this may result in minor
computational errors.
* AfriTin has an attributable ownership of 85% in Uis with the
remaining 15% owned by The Small Miners of Uis (SMU)
Table 2: AfriTin mining Inferred resource (JORC-2012) estimate
of ancillary elements within the Uis Tin Mine V1 and V2
pegmatites.
Gross Net Attributable Operator
(85%*)
Ta (ppm) Li(2) Ta (ppm) Li(2)
Inferred Resource O (%) O (%)
AfriTin
Grade 85 0.63 85 0.63 Mining
AfriTin
Tonnes (Mt) 71.54 71.54 60.81 60.81 Mining
Contained metal AfriTin
(t) 6,091 450,265 5,177 382,725 Mining
Source: CSA Global
Note: Tabulated data have been rounded off and this may result
in minor computational errors. Contained metal for lithium refers
to lithium oxide (Li(2) O)
* AfriTin has an attributable ownership of 85% in Uis with the
remaining 15% owned by The Small Miners of Uis (SMU)
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBKABBPBKKFQB
(END) Dow Jones Newswires
April 26, 2022 10:06 ET (14:06 GMT)
Andrada Mining (LSE:ATM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Andrada Mining (LSE:ATM)
Historical Stock Chart
From Sep 2023 to Sep 2024