AfriTin Mining has entered into a conditional, credit approved, lending facility with Standard Bank Namibia, to fund the expansion of the Uis Phase 1 processing plant.
CEO, Anthony Viljoen, commented:
“Following the completion of the DFS in May 2021, we are pleased to announce these headline terms for a term loan facility with Standard Bank in Namibia.
“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. This term sheet is a strong endorsement for the Company and its expansion of tin production and our focus to bring the significant lithium and tantalum revenue streams into production.
“This financing, together with the GBP 13 million recent equity raise, should provide the Company with a strong balance sheet to increase tin production and unlock the wider lithium and tantalum new technology metal – related opportunities.”
Marco Triebner (Head of Investment Banking, Standard Bank Namibia), commented:
“We are pleased to enter this agreement with AfriTin for the expansion of the Uis Tin Mine. Uis was historically the world’s largest open pit tin mine, and it is very exciting to see a new mine being developed for the benefit of Namibia and all stakeholders.
“We are pleased to partner with AfriTin who, like Standard Bank, are invested in the long-term success of Namibia and its mining industry.”