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(Alliance News) - Andrada Mining Ltd on Thursday said its output in the production of tin concentrate and tin metal significantly year-on-year.
The African technology metals mining company with a portfolio of mining and exploration assets in Namibia said in the second quarter that ended on August 31, the output of tin concentrate surged 86% annually to 398 tonnes from 214 tonnes.
The production of contained tin metal jumped 79% year-on-year to 238 tonnes from 133 tonnes.
Further, the commissioning of the lithium pilot plant completed, with an inaugural drill result for spodumene hill showing a high grade spodumene mineralisation with up to 2.32% lithium oxide.
Meanwhile, the NAD100 million, around USD5.8 million Development Bank of Namibia financing has been concluded last week Tuesday, Andrada said.
Chief Executive Officer Anthony Viljoen said: "The operational team has been performing extremely well on the existing plant annually. Therefore, the potential additional lithium revenue credits from the integration of the lithium plant to the main production circuit, could substantially enhance total revenue. The conclusion of several work streams as well as the completion of key financing partnerships this quarter, has notably strengthened the company's balance sheet for a transformational period of growth and development."
Andrada Mining shares fell 6.4% to 7.30 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News reporter
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