AfriTin Mining Ltd – tin mining company which operates the Uis tin mine in Namibia – Completes lending facility with Standard Bank of Namibia at NAD90 million, around GBP4.5 million, which will go towards funding the expansion of the Uis phase one processing plant.
The terms of the senior secured loan has a term of five years and an interest rate of three-month JIBAR plus 4.5%.
In addition, the Standard Bank of Namibia has taken over the company’s short-term banking facilities with Nedbank totalling NAD43 million. The facilities will incur an interest rate of Namibian prime lending rate minus 1.0%.
“We are pleased to announce the financial close and drawdown of the term loan facility with Standard Bank in Namibia. This marks the start of a long-term financing partnership to continue the rapid development of the Uis Tin mine to its full potential and growing our tech-metal revenue profile,” said Chief Executive Officer Anthony Viljoen.