AfriTin Mining acquires Tantalum Investment's tin-tungsten licenses

AfriTin Mining has agreed to acquire African-focused exploration and development outfit Tantalum Investment for a total of £850,000.

The AIM-traded outfit will acquire 100% of TI from South African businessman Jan Jonathan Serfontein, including the Brandberg West Tin-Tungsten Mine and two exploration licenses for tin, tantalum and other associated minerals, and will satisfy the consideration by way of the issue of 25m ordinary shares in the company at a price of 3.40p.

AfriTin anticipates the new shares will be admitted to trading on 8 October.

Chief executive Anthony Viljoen, said: "This acquisition of Tantalum Investment is another positive step for AfriTin as we look to consolidate African tin assets and embark on a regional expansion drive in Namibia."

"Today's acquisitions are no more than 80km away from our flagship Uis mine and are therefore located in what was once a prolific tin-producing region. 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."

As of 0820 BST, AfriTin shares had dipped 0.29% to 3.49p.