Andrada Mining Ltd (AIM:ATM, OTC:AFTTF) has renewed off-take agreements with Thailand Smelting and Refining (Thaisarco) and AfriMet Resources for tin concentrate and tantalum concentrate, respectively.
Thaisarco has renewed for a further three years commencing 1 December 2023 and for a minimum supply of 90 metric tonnes per month and up to 100% of the expanded production.
AfriMet’s off-take agreement is for a plant production period of 12 months commencing 1 January 2024.
Anthony Viljoen, Andrada’s chief executive, said: "Our relationship with Thaisarco has been extremely successful and we are happy to be renewing the off-take agreement for another three years.
"The agreement secures off-take of our tin production, allowing management to focus on achieving the Orion royalty tonnage.
"The renewal of the tantalum off-take agreement secures all the company's tantalum production and, despite the small tantalum concentrate volumes, the additional revenue will incrementally improve profitability."
Andrew Davies, Thaisarco's managing director, added: "As a major smelter, we are well-positioned to absorb Andrada's planned increase in production."
Hadley Natus, AfriMet chief executive, said: "The renewal of the tantalum off-take agreement with Andrada is a positive step in strengthening our relationship.
"While the initial contract was not activated, we remain confident in our partnership and look forward to working with Andrada to supply the specialist tantalum market."