https://www.engineeringnews.co.za

AfriTin secures working capital facility for Namibia mine

16th August 2019

By: Tasneem Bulbulia

Deputy Editor Online

     

Font size: - +

Aim-listed AfriTin’s subsidiary, AfriTin Mining Namibia, has entered into a N$35-million working capital facility and an N$8-million value-added tax (VAT) facility with Nedbank Namibia.

AfriTin CEO Anthony Viljoen on Friday said that the funding would enable the technical team to focus on a successful ramp-up to achieve the design capacity of the Phase 1 pilot plant at the Uis tine mine, in Namibia, as the company transitions into cash flow.

“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.

“Having secured a working capital facility for the ramp-up phase of the pilot plant, AfriTin is on track to create the first revenue-generating, conflict-free asset in our portfolio.”

The VAT facility has been secured through audited VAT refunds, which had not yet been paid by Namibia Inland Revenue.

The N$35-million loan is repayable in full 12 months from the date of execution.

Both AfriTin, as the parent company of AfriTin Mining Namibia, and shareholder Bushveld Minerals, have offered surety for the loan to Nedbank as collateral in the form of a joint suretyship from AfriTin and Bushveld.

The Bushveld suretyship will be limited to N$30-million.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 
The Steel Tube Export Association of South Africa
Steel Tube Export Association of South Africa

The Steel Tube Export Association of South Africa was established to develop sustainable, internationally competitive carbon steel tube and pipe...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.058 1.128s - 140pq - 2rq
Subscribe Now