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(Alliance News) - Andrada Mining Ltd on Wednesday said it has secured USD2.5 million in funding for an additional tin processing plant in Namibia.
Andrada Mining is a technology metals mining company with a portfolio of mining and exploration assets in Namibia.
It has entered into a USD2.5 million secured funding facility from LC Abelheim Ltd as trustee of the Orange Trust, Andrada's largest shareholder.
The Orange Trust holds 16% of the issued shares in the company.
The loan will fund the construction of a second tin processing jig plant at its flagship Uis mine.
The company said it will allow expansion of operations into proximal pegmatites without disrupting current production.
There is potential for an immediate, significant increase in tin production and therefore greater cashflow, the company said.
The firm is also continuing discussions for higher-grade tin ore supply from miners in the Erongo region.
Chief Executive Officer Anthony Viljoen said: "This strategic investment reflects our confidence in the abundant tin resources of Namibia's Erongo region and particularly in the Uis mining license. We anticipate a surge in tin demand over the year which, when combined with Andrada's entrenched position in the global tin supply chain, creates a unique competitive advantage for the company.
"The strong support from our existing shareholder, reflected in this financing, underscores the broad confidence in our growth strategy and reinforces our commitment to sustainable, scalable production and expansion."
Andrada Mining shares were down 1.7% to 2.36 pence in London on Wednesday afternoon.
By Michael Hennessey, Alliance News reporter
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