8th May 2019 11:48
LONDON (Alliance News) - AfriTin Mining Ltd said Wednesday it has secured a formal power supply agreement for its flagship tin mine in Namibia as it nears production.
The tin mining firm sealed the power deal with state-owned Namibia Power Corp, which secures the electricity requirements for the initial phase of the pilot plant project at its Uis tin mine.
AfriTin explained the deal will see electricity supplied to the project in a "significantly more cost-effective" manner than diesel-generated power.
"The conclusion of the power supply agreement is an important step in the progression of the Uis tin mine," Chief Executive Anthony Viljoen said.
"This agreement will provide reliable energy to site, improve the planned cost structure and further support the economic viability of our project."
Shares in AfriTin were 3.9% higher at 3.22 pence on Wednesday.
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