29th Nov 2019 13:26
(Alliance News) - AfriTin Mining Ltd on Friday reported a widened interim loss on increased administrative expenses but is confident going forward.
In the six months to August 31, AfriTin recorded a pretax loss of GBP627,113 compared to a loss of GBP431,921 the year before.
The company's administrative expenses rose 38% year-on-year to GBP615,516 from GBP447,505.
AfriTin did not generate any revenue in the interim period versus GBP15,584 the year before.
"I am pleased to report another busy period for the company. The first half of this financial year has been marked by the company reaching several key milestones that have successfully propelled AfriTin from a tin-development business into a tin-producing business with development assets," said Chief Executive Anthony Viljoen.
He continued: "There has been significant work on the ground at our flagship Uis tin mine in Namibia, and with the initial construction phase achieved, our efforts are now focused on the final commissioning of the mine ahead of the highly anticipated first shipment of tin concentrate."
AfriTin believes it is "well positioned" for the next six months.
Viljoen added: "The directors remain committed to becoming the African tin champion on AIM through a two-phased strategy: finalising the proof of concept while expanding the size and scope of the existing portfolio; and leveraging the production profile to expand the operations of the business."
Shares in AfriTin Mining were 0.9% lower in London on Friday at 3.00 pence each.
By Paul McGowan; [email protected]
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