Standard Bank Namibia’s Corporate and Investment Banking (CIB) division has entered into a five-year funding agreement with AfriTin Mining.
The deal enables the Uis-based miner to fund phase 1 extension of its processing plant, increasing output by 67% from 720 tonnes to 1200 tonnes per year (tpa).
The phase 1 extension will be completed by the second quarter.
The Bank is also expected to fund an envisaged phase 2 extension, increasing production to a further 1300 tpa.
CIB will also provide AfriTin with a guarantee to Namibia Power Corporation as a deposit for the supply of electrical power to the mine.
“This deal gives us the opportunity to enable the creation of more jobs and revive the economy of a town with around 4,000 inhabitants,’’ said Nelson Lucas, Head: Corporate and Investment Banking at Standard Bank.
“In line with our purpose ‘Namibia is our home, we drive her growth’, we take pride in creating value and improving the lives of Namibians through this loan.”
