Andrada Mining Limited has received unconditional approval from the Namibian Competition Commission (NaCC) for its earn-in agreement with ACAM LP, clearing the way for up to N$841.5 million (US$51 million) in investment to advance the Brandberg West polymetallic project.
The approval relates to an agreement between Andrada’s subsidiary, Andrada Investments (Mauritius) Limited (AIML), and BWCAM Limited, a subsidiary of ACAM LP.
Under the agreement, BWCAM may invest up to N$841.5 million in stages to accelerate exploration and development of the Brandberg West prospecting licence. In return, it will increase its stake in AIML to 49%.
Andrada Chief Executive Officer Anthony Viljoen said the regulatory approval marks another key milestone for the project.
“The unconditional approval from the NaCC represents another important step in unlocking the potential of Brandberg West. Our partnership with BWCAM combines Andrada’s Namibian operating and geological expertise with ACAM’s investment capabilities to advance the project systematically,” he said.
The initial conditions of the agreement were met on 4 February 2026, when BWCAM invested N$165 million (US$10 million) in exchange for a 30% equity stake in AIML. As part of the transaction, BWCAM also subscribed for new shares in Andrada Mining.
The NaCC’s approval was a condition subsequent to the initial investment. Under the agreement, if approval had not been obtained within nine months, BWCAM would have been entitled to exercise a put option requiring Andrada to repurchase its 30% interest in AIML.
Exploration work at Brandberg West is already progressing, with Andrada completing geophysical surveys and reverse circulation drilling across the project’s historic tailings storage facility.
The company said diamond drilling is currently underway, while sampling programmes have commenced to assess the potential for recovering valuable minerals from historic mine waste.
Brandberg West forms part of Andrada’s portfolio of critical minerals projects in Namibia and supports the company’s strategy of expanding production of minerals required for the global energy transition.
Andrada said it will provide further updates as exploration and development activities progress.
