Andrada Mining (Andrada) will begin the process of restructuring ownership of the Uis Tin Mining Company (UTMC), which will become wholly owned by Andrada through a legally binding agreement.

UTMC began as a joint venture between Small Miners of Uis (SMU) and Andrada’s wholly owned subsidiary, Andrada Namibia, to ensure the economic development of the ML133, ML134, and ML129 mining licences. SMU was established as a not-for-gain organisation by the Minister of Mines and Energy of Namibia to support economic development in historical mining areas. 

As per the agreement, Andrada will obtain the remaining 15% of the shares held by SMU. SMU has approved the transfer of 5% of its ownership interest in UTMC to another organisation, Sinco Investments Five (Sinco), fulfilling its original purpose of empowering Namibians.

Sinco has indicated it will sell the 5% share in UTMC to Andrada Namibia, expressing that it would prefer to hold listed Andrada shares. The restructuring will consolidate Andrada’s ownership of the Uis and Lithium Ridge licences while developing and empowering local organisations.

This acquisition is well poised for Sinco and SMU in the market as tin metal spot prices recently surged due to supply uncertainty.