Andrada Mining Limited is now the 100% owner of the Uis Tin Mining Company after acquiring the Small Miners of Uis shares.
The Small Miners of Uis is a not-for-gain organisation established by the mines minister to support the economic development of Namibians in historic mining areas.
The Uis Tin Mining Company was a joint venture between Small Miners of Uis (15%) and Andrada’s wholly owned subsidiary, Andrada Mining Namibia (85%).
The Uis Tin Mining Company now owns 100% of Lithium Ridge and Uis mining licences 133 and 134.
As part of the deal, Andrada Mining will issue Small Miners of Uis ordinary shares valued at N$12 million using a 30-day VWAP on the date before the completion of the acquisition.
Andrada Mining will also pay N$18 million to Small Miners of Uis through 240 monthly payments of N$75. 000.
The company has also agreed to transfer 85% interest in license 129 to the Small Miners of Uis.
The Small Miners of Uis’ 5% shares in Uis Tin Mining Company will be transferred to Sinco Investments Five (Pty).
Andrada Namibia will then acquire the 5% interest from Sinco, as Sinco has expressed a preference to hold Andrada-listed shares.
Sinco is a locally owned and managed investment company focused on developing mining and construction projects within Namibia.
This transaction continues Andrada’s strategic positioning to benefit Namibia through collaboration with SMU to unlock multiple critical minerals while empowering local Namibians.
