Andrada Mining Ltd (AIM:ATM, OTC:AFTTF) has entered into a funding agreement with Bank Windhoek for its subsidiary, Uis Tin Mining Company (UTMC), amounting to 175 million Namibian dollars (£7.3 million).
This agreement aims to replace UTMC's current banking facilities of NAD 111.3 million and positions Bank Windhoek as the primary transactional banking service provider for UTMC in Namibia.
The funding encompasses a senior secured long-term loan along with short-term and working capital facilities, and is intended for working capital, growth initiatives, and retiring existing debts.
Andrada Mining's chief executive Anthony Viljoen commented: “We are excited to partner with a respected Namibian-owned financial institution like Bank of Windhoek.
“This comprehensive agreement aligns perfectly with Andrada's current and future funding needs.
“The increased cash flow should empower us to execute key operational decisions. Notably, the improved working capital facility will better support our production increases year on year.
“We look forward to executing final documentation and entering into a collaborative relationship as we achieve our ambitious growth plans."