Andrada secures N$98m funding for Uis mine expansion
Andrada Mining has secured N$98 million in funding from Bank Windhoek and the Development Bank of Namibia to expand ore-sorting operations at its Uis Tin Mine.
Andrada Mining has secured N$98 million in funding from Bank Windhoek and the Development Bank of Namibia to expand ore-sorting operations at its Uis Tin Mine.
The company said its Namibian subsidiary, Uis Tin Mining Company, has signed agreements for two loans of N$49 million each, with all conditions required for the funds to be released having been met.
The 10-year loans will finance the construction and commissioning of a new ore-sorting circuit at the Uis mine in Erongo region.
Andrada said the expansion is expected to increase tin concentrate production by between 50% and 70%, taking annual output to about 2 500 to 3 000 tonnes. This would contain between 1 500 and 1 900 tonnes of tin.
The company said the funding completes the financing required for the planned operational upgrades at Uis and allows the ore-sorting project to move into the execution phase.
Work on the project is already under way, with key contractors appointed and equipment fabrication started.
Andrada chief executive Anthony Viljoen said the funding agreement with the two Namibian financial institutions had reduced the risks around delivering the expansion.
“The strengthening of the collaboration with two of Namibia’s leading financial institutions, has enabled Andrada to complete the funding required to materially de-risk the delivery of the Uis ore-sorting expansion. The company can now continue to move decisively into project execution mode to further unlock the mine’s operational and cash-generating potential through increased throughput and processing efficiency. The appointment of two well-known engineering firms to fabricate and execute on this project, has enabled the early work required, to meet the project delivery timelines.”
The company said the project is intended to increase the mine’s processing capacity and efficiency, while improving its ability to generate cash.
Andrada is a tin producer with mining and exploration assets in Namibia, with Uis as its flagship operation.
