Andrada secures $11m to accelerate growth
Namibia-focused Andrada Mining has successfully completed a private placement with strategic investors, raising $11-million (£8.1-million) before expenses through the placing of 226.34-million ordinary shares.
“The completion of this placement with some key strategic investors, comes at a pivotal juncture for Andrada. The funding allows the company to scale up operations and advance various growth initiatives, while deriving maximum benefit from the high commodity price environment.
“Importantly, this fundraise completes the current equity financial requirements for the group,” says CEO Anthony Viljoen.
He highlights that this funding, along with current tin prices and the company’s production, provides the pathway for the company to complete its expansion programme at the Uis mine in Namibia, with the exploration programmes at Lithium Ridge and Brandberg West already funded by strategic partners SQM and BWCAM.
Andrada plans to rapidly scale production capacity by enhancing exposure to strong critical minerals prices, strengthening institutional backing and accelerating cash flow.
The proceeds of the fundraise will be used to accelerate production growth at the Uis operation by funding key operational upgrades and expansion initiatives, including the installation of additional crushing capacity to increase throughput, accelerated stripping activities to access ore more quickly and updates to resource and reserve estimates.
Zeus Capital and H&P Advisory were joint bookrunners for the fundraising.
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