Andrada Mining to Raise N$143 Million for Uis Tin Mine Expansion in Namibia
Andrada Mining Limited, a UK-listed company, has announced plans to raise up to N$143.13 million (£5.9 million) to fund key upgrades at its Uis tin mine in Namibia. The capital will support strategic investment projects aimed at improving processing efficiency and boosting output.
According to CEO Anthony Viljoen, the company will allocate approximately N$63.08 million toward the installation of ore sorters and N$43.67 million to accelerate the commissioning of the mine’s Jig plant.
“These upgrades are expected to significantly enhance the mine’s processing efficiency and output,” Viljoen said.
The fundraising initiative includes a N$109.17 million (£4.5 million) strategic equity subscription from Talent10 Resources Proprietary Limited, a private investment firm with interests in mining and energy, and a N$36.39 million (£1.5 million) placing managed by H&P Advisory Limited.
Shares will be issued at 3.00 pence—an 8% premium over Andrada’s 15-day volume-weighted average price—demonstrating strong investor confidence.
In addition to funding infrastructure upgrades, proceeds will be used to support working capital needs and bolster the company’s balance sheet.
Upon completion of the fundraising, Talent10 will hold approximately 8% of Andrada’s expanded share capital, bringing the total number of ordinary shares in issue to around 1.87 billion.
“The company has launched the placing to give new and existing investors a chance to participate in the expansion projects,” said Viljoen.
While the strategic subscription is not conditional on the placing, the placing itself is contingent upon the completion of the subscription and regulatory approval for listing the new shares on the AIM market.
The investment marks a significant step in Andrada’s strategy to scale up production and reinforce its position in the global tin and tech-metals market.
