Andrada Mining Secures Up to $51m Funding Deal to Accelerate Brandberg West Development in Namibia
AIM-listed Andrada Mining has entered into an agreement with an affiliate of long-term investment firm ACAM that could see the company receive up to $51 million in funding to accelerate exploration and development at the Brandberg West project in Namibia.
The agreement is structured as a conditional, staged earn-in arrangement, under which ACAM’s affiliate, BWCAM, can earn up to a 49% interest in the Brandberg West project.
Brandberg West is currently owned by Grace Timon Investments, a wholly owned subsidiary of Andrada’s Mauritius-based entity Andrada Investments.
Under the terms of the agreement, an initial $10 million investment will earn BWCAM a 30% equity interest in the project. Following this, BWCAM may subscribe for $1 million worth of equity shares in Andrada Mining. A further follow-on investment of $40 million would allow BWCAM to acquire an additional 19% stake, increasing its total interest to 49%.
Brandberg West is a historical tungsten-, copper- and tin-producing mine, with the investment proceeds earmarked for evaluating tailings retreatment opportunities and conducting broader exploration programmes across the licence area. Andrada will retain operational control of the project.
Andrada said the partnership provides early-stage capital while ensuring the company maintains majority ownership of a strategically important asset.
“The staged earn-in structure ensures project funding and aligns both parties through clearly defined milestones. This funding structure de-risks development and accelerates the project timeline while enhancing long-term potential value for Andrada shareholders,” said CEO Anthony Viljoen.
Viljoen added that the investment comes at a time of strong pricing for tungsten, copper and tin, further supporting the project’s development potential.
Andrada will draw on its experience operating the Uis processing facility in Namibia to design, build and implement a new, efficient metallurgical circuit for critical minerals at Brandberg West.
“The structured and staged investment approach creates a clear development pathway, incentivising operational milestones and ensuring disciplined capital expenditure,” Viljoen said.
“ACAM’s involvement is a strong endorsement of Andrada’s operational capability and of the significant geological potential of Namibia.”
BWCAM director Ross McCormick said the agreement followed an extensive period of discussions and due diligence.
“High-grade exploration results confirm the asset’s potential to become a significant source of copper, tin and tungsten. Our strategy is to invest in experienced operators who deliver technical excellence while maintaining strong community and governance standards,” he said.
As part of the agreement, BWCAM will appoint designated representatives to the Andrada Investments board, and the board will adopt a new constitution.
The initial $10 million work programme will focus on tailings recovery studies, feasibility assessments and pit optimisation.
BWCAM will have an extendable three-month review period to assess a milestone report produced by Andrada following the initial 12-month investment phase.
The $40 million follow-on investment, if exercised, will fund plant design, feasibility and definitive feasibility studies, expanded drilling programmes, resource estimation and the development of a processing plant construction plan.
Upon commencement of the follow-on stage, Andrada Investments and BWCAM will establish a joint development committee, comprising three Andrada representatives and two from BWCAM, to oversee the advancement of the Brandberg West project.
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