Andrada Mining has reported significant operational progress at the Uis tin mine in Namibia for the fiscal year’s third quarter, ending in November, with tin concentrate production up 139% to 346 tonnes compared to 145 tonnes a year ago.
Additionally, the contained tin metal output witnessed a substantial year-on-year increase of 132%, reaching 202 tonnes.
In terms of financial performance, the company observed a notable 39% reduction in cash operating costs, now standing at US$18,917 per tonne, attributed to higher throughput.
Concurrently, the achieved tin price experienced a 9% rise, reaching US$24,749 per tonne.
Quarter on quarter, there was a 13% decrease in tin concentrate production, a 3% reduction in costs, and a 2% decline in the tin price.
Anthony Viljoen, the Chief Executive of Andrada Mining, attributed the operational improvement from a year ago to the lower comparative base.
“Operational performance improved against the same quarter in FY2023 due to the lower comparative base. We aim to further enhance cost efficiencies by increasing tin production through the CI2 project. The tin royalty will provide the necessary funding to produce up to 2,000 tonnes of contained tin per annum, positioning Andrada as a major global supplier,” he said.
Viljoen also revealed an ongoing exploration program at Brandberg West, expressing the potential expansion of the portfolio to include tungsten and copper.
To strengthen investor outreach, he said the company has appointed Berenberg and WHI as joint corporate brokers, alongside current brokers Hannam & Partners, providing extensive reach into the UK and European capital markets.
As of November 30, 2023, Andrada Mining reported a cash balance of £21 million (US$26 million), indicating financial stability and a solid foundation for future endeavors.
Andrada Mining is an African technology metals mining company with a portfolio of mining and exploration assets in Namibia.
