Andrada Mining loss narrows as earnings show "significant progress"

(Alliance News) - Andrada Mining Ltd on Thursday said its first-half loss narrowed and revenue increased in results that show "significant progress" from a restructuring.

Andrada Mining is a technology metals mining company with a portfolio of mining and exploration assets in Namibia.

Total comprehensive loss for the period narrowed to GBP2.0 million in the six months to the end of August from GBP5.0 million year-on-year.

Pretax loss widened to GBP3.2 million from GBP2.8 million in the previous year.

Revenue increased by 22% to GBP10.8 million from GBP8.8 million in the prior year.

Andrada produced 25 tonnes of 11% grade tantalum during the period with 15 tonnes sold to Afrimet by the end of August.

The company said the successful restructuring of the Uis Tin Mining Company resulted in 100% ownership of Uis and Lithium Bridge.

It said: "The value-accretive restructuring of Uis Tin Mining Company simplified Andrada's ownership and operational structure in the underlying licences while empowering our local partners through equity ownership participation at group level."

Chief Executive Officer Anthony Viljoen said: "The restructuring has also created opportunities for more rapid asset development through project-specific financing solutions. We believe that our continued investment in exploration, metallurgy and asset development has earned us the social licence to operate and established strategic world class partnerships."

Andrada Mining closed 4.4% higher at 2.40 pence in London on Thursday afternoon.

By Michael Hennessey, Alliance News reporter

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