31st Aug 2022 14:12
AfriTin Mining Ltd - technology metals mining company focused on Namibia - Posts revenue of GBP13.6 million for the year to February 28, up significantly from GBP5.0 million the year before. Swings to pretax profit of GBP389,798 from a loss of GBP5.8 million. Says average tin price achieved for the year was USD38,680 per tonne, compared to USD22,150 per tonne the year before. Annual tin concentrate production increased 70% to 804 tonnes from 473 tonnes the year before following the ramp-up and expansion initiatives, AfriTin adds.
Chief Executive Officer Anthony Viljoen says: "I am pleased to report another year of strong operational delivery that has seen AfriTin significantly increase production and generate its first group-wide profit. Our production at Uis has exceeded nameplate capacity by 12% which is a testament to the operational excellence we have instilled in Namibia and puts the company in a good position to deliver our forthcoming further expansion initiatives."
Current stock price: 5.12 pence, down 2.5%
12-month change: down 8.6%
By Xindi Wei; [email protected]
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