Andrada Mining Ltd (AIM:ATM, OTC:AFTTF) subsidiary, Uis Tin Mining (UTMC) has completed a NAD175 million (£7.5 million) funding agreement with Bank Windhoek (BWL).
These facilities, which comprise a term loan, loan facilities and a guarantee replace UTMC's current banking facilities with immediate effect and will be used for growth initiatives, and working capital as well as retiring existing debt, said Andrada.
Anthony Viljoen, Andrada's chief executive, commented: “This partnership underscores our commitment to Namibia and its thriving mining industry.
“The funds will be instrumental in accelerating our exploration efforts, enhancing our production capabilities, and creating new job opportunities for Namibians.
Baronice Hans, BWL chief executive, added: "Bank Windhoek is committed to fostering progressive partnerships with businesses through funding to provide impetus to local economic growth.”
The Uis tin mine is in Namibia.