StockMarketWire.com - Tin miner AfriTin Mining said it had secured a £2.4m working capital facility with Nedbank Namibia to help it develop the Uis mine in Namibia.

The loan was repayable in 12 months, with interest of Jibar plus 3.658%, equating to around 10.7%.

'This facility will enable the technical team to focus on a successful ramp-up in order to achieve the design capacity of the phase 1 pilot plant as the company transitions into cashflow,' chief executive Anthony Viljoen said.

'Procuring financing from a local Namibian financial institution highlights that there is sufficient comfort and belief in AfriTin's long-term business case and emphasises the importance of the Uis Tin Mine to the national economy.'

Bushveld Minerals, which owns 8% of AfriTin, said the terms of a previous $2.2m working capital facility it had provided to the company remained unchanged.

Bushveld Minerals had also agreed to provide to stand surety for the Nedbank Facility to the value of around $2.0m.


At 1:38pm:

[LON:ATM] Afritin Mining Limited Ord Npv share price was +0.45p at 3.5p

[LON:BMN] Bushveld Minerals share price was +1.25p at 21.5p



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