Shining quarter for Andrada’s Uis mine

Andrada Mining Limited, which operates the Uis mine in Namibia, reported an increase of 50% in tin concentrate in the first three months of its financial year compared to the same quarter in 2022.In the quarter ended 31 May 2023, Uis produced to 359 tonnes of tin concentrate versus 239 tonnes in the same quarter last year.The African technology metals mining company, with a portfolio of mining and exploration assets in Namibia, is listed on various international bourses and also on the Development Capital Board (DevX) of the Namibian Stock Exchange (NSX).It is listed on the OTCQB, also called "The Venture Market," the middle tier of the over-the-counter (OTC) market for US stocks. The company’s shares also trade on the London’s Alternative Investment Market (AIM).Andrada reported 42% year-on-year (y/y) increase in contained tin metal to 216 tonnes in its First Quarter Operational Update, released on the NSX on Monday."The milestones achieved during the quarter have laid the necessary foundation for the accelerated growth we expect for the balance of the financial year,” commented Anthony Viljoen, chief executive officer of Andrada.Lithium“We have demonstrated the ability to produce saleable lithium concentrate. The completion of our on-site bulk-sampling plant remains on track for completion this month and will expedite the metallurgical test work required to bring lithium revenues on-stream,” Viljoen said.“The on-going strategic process to identify a partner for the lithium development is going well and will transform Andrada from being a fledging developer to a fully-fledged miner of technology metals,” he added. Andrada recently said it produced lithium concentrate in the form of a high purity petalite concentrate. Potential offtakers have indicated that this concentrate composition represents a desirable lithium product, the company said at the time.On Monday, Viljoen said it has been encouraged by the level of interest from potential lithium partners globally and are confident of being able to conclude an attractive transaction for shareholders and broader stakeholders this year.“We are pleased with the significant efficiencies achieved with the increased production of tin concentrate and the lower-than-expected cash cost increases quarter-on-quarter. “We are committed to keeping costs within the lower range of our guidance. The completion of the tantalum circuit will introduce the initial by-product and enable Andrada to fully harness the additional revenue,” Viljoen said.

Shining quarter for Andrada’s Uis mine

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Shining quarter for Andrada’s Uis mine

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