Currently viewing Global edition

AfriTin enlarges Namibian footprint

AfriTin Mining (AIM:ATM) has agreed to acquire 100% of Tantalum Investment, which has two exploration licences in Namibia, including the Brandberg West tin-tungsten mine.
AfriTin enlarges Namibian footprint AfriTin enlarges Namibian footprint AfriTin enlarges Namibian footprint AfriTin enlarges Namibian footprint AfriTin enlarges Namibian footprint

AfriTin has acquired the historical Brandberg West mine in Namibia

Staff reporter

It is purchasing the assets from Jan Jonathan Serfontein in exchange for 25 million ordinary shares worth £850,000 (US$1.1 million), or at 3.4p each.

Located around 80km away from AfriTin's flagship Uis mine, Brandberg West was previously mined by Goldfields for four decades until the 1980s, while the other licence located on the Goantagab belt.

AfriTin expects to spend around £100,000 on initial exploration using sampling and mapping, with no drilling planned as yet.

"While bringing the Uis mine back into production remains our primary focus, we will begin early stage exploration on these new licences, with the objective of reopening the whole region as a major tin province," CEO Anthony Viljoen said.

The market wasn't all that pleased with the move, with AfriTin's shares down 5.64% Tuesday to 3.3p.