AIM-quoted AfriTin Mining, a mining company with a portfolio of near production tin assets in Namibia and South Africa, with the flagship asset being the Uis tin mine in Namibia, signed a non-binding MoU with MRI Trading for an artisanal buying operation for tin concentrate in Namibia.
MRI, is a world leader in trading, metals and minerals, and petroleum products, specialising in the trade of non-ferrous ores, concentrates, refined and precious metals and their related by-products for a global smelting and processing customer base.
Concurrently to AfriTin’s work programme to achieve its objective of production from the Uis mine later this year, AfriTin intends to explore with MRI, the possibility of sourcing cassiterite concentrate from local artisanal miners to establish early cash flows.
This proposal could also add value to the people of Damaraland by providing economic opportunities to the community.
Additionally, AfriTin and MRI will explore establishing a buying station, which would allow for the analysis of the material offered by the artisanal miners.
The results of the analysis from such a buying station will determine whether material is purchased or rejected.
“The relationship with MRI enables AfriTin to explore a number of objectives for the company,” comments AfriTin CEO, Anthony Viljoen.
“First and foremost, we believe that by buying from local artisanal miners, we will increase the economic activity in the region and as a result contribute to the upliftment of the poverty-stricken Damaraland.
“Secondly, the sale of tin concentrate from the area into the world market will signify the first steps in the return of Namibia as a global player in the world tin market.
“The collaboration between ourselves and MRI, and the commitment made by MRI to the establishment of an artisanal buying network demonstrates significant support for our belief that there is going to be an increasing demand for tin in the future, coupled with a global decrease in supply.
“The potential also exists to expand this relationship as the company continues on its expansion path”.