Shares of AfriTin Mining are trading higher after the company said it is exceeding its production targets.
The company's tin concentrate production totalled 194.5 tonnes for Q4, representing a 28% quarterly increase compared with the previous quarter and exceeding the 180 tonnes production target.
Overall, AfriTin's total production for the 2021 Financial Year amounted to 473 tonnes of tin concentrate.
The AIM-listed firm is to further optimisation and expansion of the operation. They plan to develop a modular expansion of the pilot plant and production of by-products in tantalum and lithium concentrates.
“The Company is currently conducting test work to investigate the feasibility of magnetically separating tantalum minerals from the tin concentrate and will update the market with the results of this test work in due course,” AfriTin said.
“We are delighted to release our first quarterly production update and demonstrate that the Company is operating 108% beyond our production targets for Stage I. Our work is far from complete as we look to incrementally expand our processing plant and bring additional concentrate streams online,” commented Anthony Viljoen, CEO of AfriTin Mining Limited.
“Our plan remains to become a large-scale, multi-stream, mining and processing facility, and we look forward to sharing these developments with the market,” added Viljoen.
AfriTin's share price climbed to highs of 5p following the news.
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Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.