Thursday , June 13 2024

Uis project gets major windfall

Aim-listed Uis Tin Mining Company, a majority-owned subsidiary of AfriTin Mining, and the Development Bank of Namibia have signed a conditional, credit-approved term sheet for a financing facility to finance the Uis Phase 1 Stage II Continuous Improvement project in Namibia.

There are N$100 million in the planned credit facility.

The credit facility is designed to be utilized to pay for the range of tasks included in the Uis Phase 1 Stage II Continuous Improvement project.

The lending facility will be used to supplement the currently underway expansion project, which is anticipated to increase plant throughput, enhance processing efficiency to maximize concentrate recovery rate, foster business sustainability through the improvement of support infrastructure, and lower unit production costs.

The Phase 1 expansion commissioning remains on track to be completed during the third quarter.

Although the lending facility has been approved by the credit committee and board of the Development Bank of Namibia, there are certain conditions precedent that need to be adhered to, including completion of final legal documentation.

“We are pleased to announce the headline terms for a proposed lending facility with the Development Bank of Namibia. This new strategic financing partnership reinforces our commitment to developing long-term relationships within Namibia and ultimately will be to the benefit of the people of Namibia.

“A long-term financing partnership with the Development Bank of Namibia also facilitates further financing options that drive the growth and expansion of the entire project,” says AfriTin CEO Anthony Viljoen.

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