Andrada Mining "in a transformational period" after completing pilot plant
July 20, 2023 at 11:53 am
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Andrada Mining Ltd (AIM:ATM, OTC:AFTTF) CEO Anthony Viljoen speaks to Proactive's Thomas Warner after announcing that the London-listed technology metals mining company has completed construction of its pilot plant in Namibia and raised £7.7 million of new capital. The plant is set to begin commissioning in the coming weeks.
Viljoen highlights that Andrada has also added a tantalum circuit to their existing production circuit, further expanding their capabilities. He expresses his pride in the team's work so far on the project, with the plant construction completed slightly behind schedule but under budget.
He goes on to explain the rationale behind the $7.7mln fundraise announced at the same time, highlighting that issuing loan notes was deemed to be the least dilutive method for the company to achieve its objectives and is particularly important as Andrada continues to finalise its project funding from the Development Bank of Namibia (DBN) and a fund managed by Orion Resource Partners.
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Andrada Mining Limited (formerly AfriTin Mining Limited) is a holding company specializing in the exploration and exploitation of technological metals (notably tin, tantalum and lithium) in Namibia and South Africa. Net sales break down by activity as follows:
- sale of tin (99.7%);
- sale of mining by-products (0.3%).
As of February 28, 2022, the group has a tin mine (Uis Tin Mine) and 3 mining projects located in Namibia.
Net sales are distributed geographically as follows: Namibia (99.7%) and South Africa (0.3%).