Andrada Mining Limited NPV (ATM)

Sector:

Mining

Index:

FTSE AIM All-Share

4.20p
   
  • Change Today:
    -0.100p
  • 52 Week High: 8.60
  • 52 Week Low: 3.95
  • Currency: UK Pounds
  • Shares Issued: 1,580.25m
  • Volume: 1,958,624
  • Market Cap: £66.37m
  • RiskGrade: 393

AfriTin extends Uis offtake deal, signs new tantalum agreement

By Josh White

Date: Monday 15 Feb 2021

LONDON (ShareCast) - (Sharecast News) - Namibia-focussed tin mining company AfriTin Mining has agreed a new offtake agreement for its tin concentrate with its existing trading partner Thailand Smelting and Refining Corporation (Thaisarco), it announced on Monday, as well as signing an inaugural offtake agreement with AfriMet Resources for its future tantalum production.
The AIM-traded firm said the tin concentrate offtake agreement with Thaisarco was renewed for a further three years until 30 November 2023.

It said that deal related to the delivery of product at Walvis Bay Cargo Terminal in Namibia.

On the offtake agreement with AfriMet, AfriTin said it related to tantalum concentrate produced from the Uis Tin Mine, and was for a 12 month period, with an option to renew for a further three years upon mutual consent.

It described AfriMet Resources as a strategic African commodity trading company, and wholly-owned subsidiary of the Switzerland-based ferrous and non-ferrous commodity merchant Vanomet.

AfriMet is a "leader" in trading the '3T' metals, being tin, tantalum and tungsten, and minerals sourced from Africa, the board said.

The terms of the offtake agreement were that AfriMet would pay AfriTin a payment calculated by reference to the amount of tantalum pentoxide contained in the tantalum concentrate, at a price in dollars per pound of the average of the Argus Metals tantalum price and Asian Metals tantalum price, for the two months before the expected delivery date, less a deduction of $1.00 per pound.

A 90% provisional payment would be made on presentation of original export documents, and a final 10% payment, as well as any quality adjustments, would be paid upon finalisation of the assay and weights by the receiving third party.

AfriTin said it could choose to receive an advance payment 30 days before the expected delivery date, to the value of 50% of the expected cargo value based on the agreed price for the expected delivery.

The limit on advanced payments would be $0.5m.

"This last year has proved extremely positive for AfriTin, with tin production achieving design capabilities for stage 1 at Uis ahead of year-end," said chief executive officer Anthony Viljoen.

"This was a defining milestone for the Company, and I am delighted to report that the strong tin concentrate production levels have been maintained since November."

Viljoen said the first quarterly update on the production performance would be made to the market at the beginning of March.

"The strong performance at Uis has coincided with the tin price hitting new recent highs, breaking through the ceiling of $23,000 per tonne for the first time since 2014.

"The main drivers behind the price increase are the ever-growing demand from electronics and electric vehicles, alongside the low supply of tin inventories."

Those contributing factors enabled AfriTin to continue its tin offtake agreement for Uis with Thaisarco for a further three years, Viljoen explained.

"In addition, the company is also pleased to have concluded a tantalum offtake agreement with AfriMet which will become a second product alongside our tin concentrate this year.

"AfriTin is delighted by both votes of confidence, from two leaders in the global and African markets and looks forward to continuing these relationships."

At 1524 GMT, shares in AfriTin Mining were up 12.31% at 4.49p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

ATM Market Data

Currency UK Pounds
Share Price 4.20p
Change Today -0.100p
% Change -2.33 %
52 Week High 8.60
52 Week Low 3.95
Volume 1,958,624
Shares Issued 1,580.25m
Market Cap £66.37m
RiskGrade 393

ATM Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
33.33% below the market average33.33% below the market average33.33% below the market average33.33% below the market average33.33% below the market average
88.89% below the sector average88.89% below the sector average88.89% below the sector average88.89% below the sector average88.89% below the sector average
Price Trend
39.54% below the market average39.54% below the market average39.54% below the market average39.54% below the market average39.54% below the market average
36.84% above the sector average36.84% above the sector average36.84% above the sector average36.84% above the sector average36.84% above the sector average
Income Not Available
Growth
13.11% above the market average13.11% above the market average13.11% above the market average13.11% above the market average13.11% above the market average
14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average

What The Brokers Say

Strong Buy 0
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 1
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

ATM Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
16:35 38,265 @ 4.20p
16:35 8,265 @ 4.20p
16:35 30,000 @ 4.20p
15:30 1,000,000 @ 4.30p
16:26 50,000 @ 4.20p

ATM Key Personnel

CEO Anthony Viljoen
CFO Hiten Mohanlal Ooka

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