Andrada Mining Limited, under the leadership of Chief Executive Officer Anthony Viljoen, has unveiled plans to enhance productivity and increase output at its Uis mining projects. This decision comes in the wake of securing N$100 million in funding from the Development Bank of Namibia, a crucial element of their comprehensive funding and development strategy.
The allocated funds will be strategically utilized to implement improvements at the Uis Mine, aiming to boost the plant’s productivity and output. Viljoen emphasized that these resources will expedite the implementation of the Uis Mine Stage II Continuous Improvement Project.
Furthermore, Viljoen expressed optimism that the targeted increase in the tin recovery rate would complement the royalty portion of the Orion funding. This enhancement is expected to enable Andrada to meet the necessary concentrate tonnage thresholds. Additionally, the improvements in cost efficiency and overall productivity at the Uis Mine will serve as a solid foundation for managing the forthcoming lithium processing plant and other prospective operations.
The infusion of funds, following the successful equity raise of US$22.8 million in September 2022, has significantly bolstered Andrada’s financial position, granting them flexibility in their multi-tech development strategy. Crucially, the support from DBN and Orion funding positions the company to execute essential strategic initiatives for further production growth and the stabilization of their assets.
Viljoen remarked, “Partnering with DBN and earning their trust will empower the company to secure additional financing for infrastructure development, which may be required as we pursue our future growth plans.
Simultaneously, we are actively engaged in the Barclays-led strategic process to identify an appropriate partner for our lithium development strategy, expanding our resource base through extensive exploration, and determining the optimal path to becoming a diversified technology metals producer through our metallurgy program.”
Andrada Mining is a technology metals mining company with a diversified portfolio of mining and exploration assets located in Namibia.