Uis mining project raises N$120 million for expansion
Chamwe Kaira
Andrada Mining Limited has raised N$120 million to support the expansion of its operations at Uis in the Erongo Region.
The company closed its previously announced subscription and share placing, securing a total of £5 million (approximately N$120 million).
Of this amount, £4.5 million (approximately N$108 million) came through an equity subscription involving 150 million ordinary shares taken up by Talent10 Resources Proprietary Limited.
Talent10 now holds 8.16% of Andrada’s enlarged issued share capital.
The remaining £0.5 million (approximately N$12 million) was raised by placing 16 million shares with institutional and professional investors.
The bookrunner for the placement was H&P.
In total, the transaction issued 166,666,666 new ordinary shares.
Andrada plans to use the funds to speed up the installation of ore sorters and accelerate the commissioning and ramp-up of its jig plant at Uis.
The company estimates production could double by 2026. Part of the funding will also support general working capital.
“I am delighted to welcome Talent10 as a new strategic institutional investor in Andrada,” said Anthony Viljoen, Chief Executive Officer. “Talent10 has a highly respected southern African mining pedigree, backed by a network of some of the top names in the industry. The partnership not only supports the completion of key outstanding capital projects at Uis but also places Andrada at the heart of an ecosystem primed to accelerate our future growth.”
Viljoen also acknowledged existing shareholders who supported the placing.
“This partnership strengthens our portfolio offering and supports our strategy to establish Andrada as a leading supplier of critical minerals. We look forward to working closely with Talent10 as we continue to unlock value across our portfolio of mining assets,” he said.
Andrada is focused on developing lithium, tin, and tantalum assets essential to the global energy transition.
The company operates a mine and processing plant at Uis and plans to expand production to include petalite, a lithium-bearing mineral. Its resources are concentrated on the Damara Belt, known for its rich metal deposits.
