Chamwe Kaira
Andrada Mining Limited has raised about US$11 million (approximately N$200 million) through a private placement to support its expansion plans in Namibia.
The company, listed on the Namibian Securities Exchange (NSX) under the code ATM, issued well over 226 million new ordinary shares at 3.6 pence per share to investors. Zeus Capital Limited and H&P Advisory Limited acted as joint bookrunners for the transaction.
Andrada, which operates in Uis in the Erongo region, said the funding comes as it moves to expand operations and take advantage of current commodity prices.
Andrada chief executive officer Anthony Viljoen said the funds will support production growth and advance key projects.
He said the raise completes the company’s current equity funding needs and allows it to move ahead with its expansion programme at the Uis mine.
The company said exploration at Lithium Ridge and Brandberg West is already funded through partnerships with SQM and BWCAM.
These projects form part of its wider critical minerals portfolio.
Andrada said the funding reflects investor interest in Namibia’s mining sector, especially in tin and lithium.
The company said Namibia’s Damara Belt holds key mineral resources used in battery and technology production.
At the Uis Mine, the company reported lithium, tin and tantalum resources, estimated at 138 million.
Andrada produces tin and tantalum concentrates under off-take agreements with Thaisarco and Afrimet. It is also producing lithium for bulk testing with potential buyers.
