Andrada Mining has secured a potential US$51 million partnership that could accelerate the development of the Brandberg West Project and position it as Namibia’s next primary source of copper, tungsten and tin, marking a significant expansion of the company’s critical minerals strategy beyond its existing tin operations.
Under a conditional, staged earn-in agreement, ACAM LP, through its affiliate BWCAM Limited, can acquire up to a 49% interest in Andrada Investments (Mauritius) Limited, the holding company that controls the Brandberg West polymetallic prospecting licence in the Erongo region.
The transaction introduces new capital while allowing Andrada to retain operational control of the project, drawing on its experience at the Uis Mine.
The funding package provides for an initial US$10 million investment, equivalent to about N$190 million, in return for a 30% equity interest in Andrada Investments, subject to the satisfaction of initial corporate and regulatory conditions.
In parallel, BWCAM will subscribe for a further US$1 million, about N$19 million, in Andrada Mining equity at the listed company level, aligning interests between the partners.
A follow-on investment of up to US$40 million, roughly N$760 million, is available should agreed technical and regulatory milestones be met, lifting BWCAM’s interest to 49%.
Brandberg West is a historical producing mine hosting tungsten, copper and tin mineralisation within an extensive quartz-vein system that remains open along strike and at depth.
Recent drilling has confirmed high-grade mineralisation, with reported grades of up to 4% tin, 4% tungsten and 2% copper, reinforcing the project’s potential to support a standalone polymetallic operation.
The asset introduces copper and tungsten into Andrada’s portfolio, adding exposure to metals that are increasingly central to the global energy transition and industrial supply chains.
The initial tranche of funding will be directed toward investigating tailings retreatment opportunities, advancing exploration drilling, and progressing metallurgical and feasibility studies, including pit optimisation.
Should the follow-on investment proceed, capital would be deployed toward expanded drilling, completion of a fully compliant JORC resource, plant design and Definitive Feasibility Study work, and preparation for construction of a processing facility.
Copper demand is forecast to rise sharply over the coming decades as electrification and renewable energy deployment accelerate, while tungsten has been designated a critical raw material by both the European Union and the United States.
Alongside these metals, Andrada is already supplying into a constrained global tin market, where prices remain firm due to strong demand from electronics and solder applications.
Management views the integration of all three metals as a step toward building a more diversified and resilient critical-minerals business in Namibia.
Chief executive Anthony Viljoen said the agreement marked a significant milestone in Andrada’s growth, noting that the company’s successful development of the Uis processing facility had demonstrated its ability to design and operate complex metallurgical circuits.
He said the partnership creates a clear, disciplined development pathway for Brandberg West while endorsing both Andrada’s operational capabilities and Namibia’s geological potential as an investment destination.
From BWCAM’s perspective, the deal provides exposure to a high-grade polymetallic asset alongside an established operator.
Ross McCormick of BWCAM said due diligence had confirmed Brandberg West’s potential to become a significant source of copper, tin and tungsten, adding that Andrada’s technical track record and governance standards aligned with ACAM’s investment strategy.
Governance arrangements under the agreement preserve Andrada’s role as operator, with oversight provided through the Andrada Investments board and, at the follow-on stage, a joint development committee responsible for approving budgets, feasibility work, contracts and health, safety and environmental standards.
The structure also includes downside protection through a put option, allowing BWCAM to exit under defined circumstances if regulatory approvals or milestones are not achieved.
The transaction is expected to unlock Andrada’s third standalone polymetallic project and further consolidate Namibia’s position within global critical-minerals supply chains, as capital begins to flow toward assets capable of delivering copper, tungsten and tin at scale.
