Andrada Mining Closes NAD98M Loans for Uis Expansion

In Short

• Andrada Mining closed NAD98 million, about £4.4 million, in 10-year loan facilities for its Uis Mine ore-sorting expansion.
• The funding is split into two NAD49 million tranches from Bank Windhoek and the Development Bank of Namibia.
• The company expects drawdown within 5 to 10 days and says fabrication and contractor work is already underway.

What Happened

Andrada Mining announced financial close on loan facilities totalling NAD98 million to fund an ore-sorting expansion at its Uis Mine in Namibia. The company said all conditions precedent, meaning all pre-agreed requirements before lenders release money, have been met.

The funding is structured as two equal NAD49 million tranches. One tranche is from Bank Windhoek and the other is from the Development Bank of Namibia (DBN). Andrada said the facilities run for 10 years.

The loans complete the funding needed for planned operational upgrades, specifically the construction and commissioning of an ore-sorting circuit. Ore sorting is a processing step that uses sensors and machines to separate higher-value rock from waste early, like filtering better quality input before cooking.

Andrada also said project execution is progressing, with key contractors appointed and equipment fabrication already in progress. The company expects to draw down the funds within 5 to 10 days.

Why It Matters

For Andrada, this is a move from planning into execution. Project finance risk often sits in whether money arrives on time and on clear terms. Financial close reduces that uncertainty.

The company projects the ore-sorting circuit will lift tin concentrate output by 50% to 70% to around 2,500 to 3,000 tonnes per year. It also forecasts 1,500 to 1,900 tonnes per year of contained tin.

More output and better processing efficiency can improve cash generation, especially when commodity prices are volatile. It can also make the mine more predictable for future funding, supplier contracts, and expansion planning.