Andrada Mining, a leading African technology metals mining company, has announced a significant funding milestone for its subsidiary, Uis Tin Mining Company (UTMC).
The company has entered into a conditional credit-approved agreement with Bank Windhoek Limited (BWL) for a substantial sum of N$175 million.
Under the terms of the agreement, UTMC is set to receive a N$100-million loan, subject to certain conditions.
Additionally, the agreement includes provisions for short-term loan facilities totaling N$15 million. BWL also plans to refinance UTMC’s working capital facilities amounting to N$50 million.
Moreover, as part of the deal, BWL will provide a N$10-million guarantee to Namibia Power Corporation for a deposit related to electrical power supply rights for Andrada’s subsidiary, AfriTin Mining (Namibia).
Highlighting the potential for further collaboration, BWL has expressed interest in financing the construction of a 5 MW solar plant at the Uis lithium, tin, and tantalum mine.
Anthony Viljoen, CEO of Andrada Mining, expressed enthusiasm about the partnership with Bank Windhoek, emphasizing the alignment of the agreement with Andrada’s funding requirements.
Viljoen noted that the enhanced working capital facility would support the company’s plans for production expansion, enabling them to make strategic operational decisions and pursue ambitious growth objectives.
