Andrada Mining chairperson Glens Parsons says the company achieved a remarkable double-digit increase in tin concentrate production during FY 2024.
Parsons also says the company successfully produced its first commercial batch of tantalum, solidifying our position as a critical metal player.
In addition, he says Andrada Mining spent just over N$505 million (US$27 million) through procurement from Namibian suppliers in FY 2024.
According to Parsons, Andrada Mining achieved over 50% annual volume increases in tin concentrate and tin metal production.
He says this was mainly due to the plant expansion implemented towards the end of the prior financial year.
Furthermore, he says Andrada Mining successfully produced its first consignment of tantalum at the end of FY 2024, proving the ability to meet the AfriMet supply agreement.
Parsons says Andrada Mining received funding from the Development Bank of Namibia, Bank Windhoek, and Orion Resource Partners.
In November 2023, Orion Mine Finance provided a combined US$25m (incorporating share, convertible and warrant issue) funding package with US$12.5m allocated for accelerating the lithium and tantalum revenue streams.
Parsons says these partnerships, together with support from our shareholders, enabled us to achieve our objectives of expanding the production and supply of tin concentrate, tantalum commercial production, and lithium pilot production.
“We aim to achieve an annualised rate of 1 650 tonnes of contained tin. We are confident that the ring-fenced US$12.5m Orion tin royalty, combined with the Continuous Improvement Programme launched during the year at Uis Mine, will enable us to realise this objective,” Parsons says in the company’s annual and financial interim financials.
In the future, Andrada Mining wants to complete feasibility studies on the lithium production plan and validate the Uis drilling to improve the resource classification for tin while also providing an initial indication of lithium and tantalum.
The company also wants to produce saleable petalite concentrate bulk samples for ongoing testing with potential off-takers
Construct the pre-concentration circuit.
In addition, Andrada Mining wants to complete the CI2 Programme and tin validation drilling over the northern and central pegmatite clusters at Uis.
There are also plans to resume the Lithium Ridge exploration drilling and continue with the Brandberg West exploration drilling.
