Africa-focused miner AfriTin Mining has an-nounced it secured some GBP 13 million (US$19 million) before ex-penses in funds for the development of the company’s flagship asset, the Uis Tin mine in Namibia.
The "oversubscribed placing … puts the company into a position to expe-dite the Phase 1 expansion of our flagship Uis tin mine in Namibia at a time of unprecedented high tin prices. The proceeds also allow us to fur-ther investigate the exciting, significant lithium and tantalum by-product potential we have across our extensive resource base, and further explo-ration on our regional assets," said Anthony Viljoen, the chief executive of AfriTin Mining.
The miner said it has a two-fold strategy: to fast-track the Uis mine to commercial production as Phase 1, ramping up to 5,000 tonnes of con-centrate in the investment’s Phase 2 expansion.