Africazine:
Andrada Mining secures significant funding for its Uis mine expansion.
Bank Windhoek and the Development Bank of Namibia will provide N million to support Andrada Mining’s ore-sorting project at its Uis mine. Each bank will contribute N million over a 10-year loan facility, enabling Andrada to advance its operations and enhance tin concentrate output.
Funding Agreement Finalized for Uis Mine
Andrada Mining has finalized its contract with Bank Windhoek and the Development Bank of Namibia, marking a crucial step in its ore-sorting project. This agreement comes three months after the initial announcement, demonstrating the commitment of both banks to support the mining sector in Namibia.
The funding will significantly de-risk the delivery of the ore-sorting expansion, as stated by Andrada’s chief executive, Anthony Viljoen. The collaboration with these financial institutions aligns with Namibia’s broader development ambitions, reinforcing the importance of local partnerships in advancing economic growth.
Namibia: Key figures on ore-sorting project funding
- N million total funding
- N million from Bank Windhoek
- N million from the Development Bank of Namibia
- 10-year loan facility
Strategic Implications for Andrada Mining
The ore-sorting expansion aims to boost the output of tin concentrate, enhancing the mine’s operational efficiency. Andrada plans to enter project execution mode, focusing on increasing throughput and processing capabilities. The initial year of the loan will require only interest payments to Bank Windhoek, while the Development Bank will not require interest or capital repayment during the same period.
Next Steps for Andrada Mining
- Commence project execution for ore-sorting expansion
- Increase throughput and processing efficiency at Uis mine
Andrada Mining is poised to enhance its operations with substantial backing from local banks.
