21 C
Belgrade
23/06/2024
Mining News

Andrada Mining sees substantial production growth and progresses partnerships in Namibia

Andrada Mining, listed on AIM and with a portfolio of mining and exploration assets in Namibia, reports a significant 60% year-on-year increase in ore processed, reaching 915,599 tonnes for the financial year ending February 29.

Tin concentrate production from the Uis mine rose by 54% year-on-year to 1,474 tonnes, with contained tin production up by 51% to 885 tonnes.

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Plant availability also improved, reaching 91% during the period compared to 87% in the previous financial year.

Additionally, the company produced 5 tonnes of saleable tantalum concentrate and 40 tonnes of saleable lithium concentrate at the Uis mine.

Andrada achieved an average C1 operating cash cost of $17,640, staying within guidance, as did the average C2 operating cash cost of $20,173.

CEO Anthony Viljoen expressed satisfaction with the operational initiatives, attributing the success to strategic planning. Despite increased all-in sustaining costs due to a higher stripping ratio, Viljoen remains optimistic about the orebody’s grade, mineral diversity, including lithium, and the scale at depth according to the geological model. He believes these factors position the operations strongly to capitalize on the commodities market rebound.

Andrada also disclosed receiving indicative, nonbinding offers for a partnership interest at the project level, with discussions progressing positively with potential partners.

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