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Andrada Mining eyes tonnes of tin from flagship Uis mine

Last updated: 11:01 19 Mar 2024 GMT, First published: 16:44 17 Jan 2021 GMT

Snapshot

  • Andrada Mining enters funding agreement with Bank Windhoek for subsidiary
  • Andrada Mining offers good battery metal exposure, says Stifel
  • Andrada Mining CEO discusses phased approach to becoming a mid-tier producer
Process plant

About the company

Andrada Mining Ltd is a London-listed technology metals mining company with a vision to create a portfolio of globally significant, conflict-free, producing and exploration assets.

The company's flagship asset is the Uis Mine in Namibia, formerly the world's largest hard-rock open cast tin mine. 

How it is doing

19 Mar 2024

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.

12 Mar 2024

Andrada Mining Ltd (AIM:ATM, OTC:AFTTF) said the commissioning of a tin sorting circuit is underway at its Uis mine in Namibia.

Once installed, the circuit will increase production of tin concentrate to 2,600tpa from 1,500tpa, an expansion anticipated to increase revenue by up to 75% and reduce the mine's sustaining costs

22 Dec 2023

Andrada Mining Ltd (AIM:ATM, OTC:AFTTF) said it made good operational progress at the Uis tin mine in Namibia in its fiscal year's third quarter to end November.

Tin concentrate production rose 139% to 346 tonnes (t) compared to 145t a year ago, while there was a 132% year-on-year increase in contained tin metal output to 202t.

What the brokers say

01 Dec 2023

Andrada Mining Ltd (AIM:ATM, OTC:AFTTF)’s interim results were broadly in line with forecasts, said broker Stifel, with slightly lower corporate costs and higher capitalisation of waste stripping helping the bottom line.

As of 27 November, management reported an unaudited cash balance of approximately £23 million.

Stifel added it has reduced its target price to 15p (from 20p), reflecting the current weakness in lithium and tin prices which affect the spot NAV component of its weighted average approach to estimating a value.

What management says

12 Mar 2024

Andrada Mining Ltd (AIM:ATM, OTC:AFTTF) CEO Anthony Viljoen discusses the company's expansion plans and the promising potential of its flagship Uis mine in Namibia with Proactive's Stephen Gunnion.

In a production and strategic process update, Andrada noted it has made significant progress in developing what is believed to be one of the world's most preeminent polymetallic deposits, with lithium being a key focus alongside tin and tantalum. The company has adopted a phased approach to expansion, emphasizing conservative planning and rapid execution.

Viljoen said tin revenues and throughput at the plant doubled last year, as integrating ore sorting technology showed positive results. Andrada has also commenced tantalum production and established a pilot plant for lithium, achieving on-spec lithium concentrate, a feat unique among AIM-listed lithium companies. This development marks a transition from a junior small-cap to a mid-tier mining producer.

Andrada Mining CEO discusses phased approach to becoming a mid-tier producer

Andrada Mining Ltd (AIM:ATM, OTC:AFTTF) CEO Anthony Viljoen discusses the company's expansion plans and the promising potential of its flagship Uis mine in Namibia with Proactive's Stephen Gunnion. In a production and strategic process update, Andrada noted it has made significant progress in...

1 week ago