24th Oct 2018 10:36
LONDON (Alliance News) - AfriTin Mining Ltd said Wednesday that the second half of its financial year will be "transformational" as it recorded a loss for the first half.
For the six months to August-end, the miner posted a pretax loss of GBP431,921 entirely due to administrative expenses. This represents the first set of interim results for AfriTin which was incorporated in September 2017.
The company said that construction of the first phase of its pilot plant at Uis in Namibia has progressed well and it is on schedule.
Looking ahead, AfriTin said it believes the next six months will be "transformational" as construction of its pilot plant should be concluded during the period.
"Once the company begins to produce tin concentrate from the pilot plant, it is anticipated that it will continue to expand its footprint in the region through acquisition and that further work will be conducted on the other mining licence areas that form part of the AfriTin Portfolio," it added.
AfriTin shares were trading down 1.7% at 3.44 pence.
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