Andrada Mining received a US$25M investment from Orion Mine Finance and renewed tin and tantalum off-take agreements with Thailand Smelting and Refining Company (Thaisarco) and AfriMet Resources. 

The conditional binding documentation for the US$25M financing agreement, which was proposed in September 2022, was signed earlier this year in August. The funding package comprises a US$12.5M unsecured tin royalty for a two-phase tin production ramp-up at Andrada Mining’s (formerly AfriTin Mining) Uis tin mine in Namibia. The package also includes a US$2.5M equity subscription and US$10M unsecured convertible loan note to be used to achieve the commercial production of the company's lithium and tantalum revenue streams following exploration drilling programmes and metallurgical testing. As part of the tantalum revenue stream, optimisation of the recently commissioned tantalum production circuit at the Uis tin mine will require nominal funding. This ongoing optimisation is necessary to achieve the specifications required by AfriMet Resources as part of the tantalum off-take agreement.

Andrada Mining announced the renewal of the abovementioned tantalum off-take agreement with AfriMet Resources for one year from 1 January 2024, securing all of Andrada Mining's tantalum production. Similarly, an existing tin off-take agreement with Thaisarco has been renewed for three years from 1 December 2023 to 30 November 2026. The agreement stipulates a minimum monthly supply of 90t of tin concentrate up to 100% of expanded production in line with the Orion royalty agreement.

Andrada Mining currently holds a portfolio of mining and exploration assets in Erongo, Namibia, including the operational Uis tin mine and Brandberg West, for which an initial exploration programme has recently been announced. The technology metals producer is now well-positioned to ramp up production at the Uis tin mine over the next two years, while accelerating the commercial production of its lithium and tantalum revenue streams.