Andrada Mining says it reached record-breaking production figures for the fiscal year 2024 (FY24) and a cash balance of N$421 million.
The mining giant said its processed ore increased by 60% year-on-year reaching 915,599 tonnes compared to the previous fiscal year’s (FY23) 573,818 tonnes.
Tin concentrate production saw a robust 54% YoY increase, surging to 1,474 tonnes in FY24 compared to 960 tonnes in FY23 and a 51% increase in contained tin production, soaring to 885 tonnes compared to 587 tonnes in the previous fiscal year.
“It pleases me that the strategic operational initiatives that we embarked on have been successful and yielded the further double-digit percentage increases in production tonnage at our operations that we are presenting today,” said Andrada’s Chief Executive Officer, Anthony Viljoen.
The company also witnessed improvements in both plant availability and tin recovery, with plant availability increasing to 91% in FY24 compared to 87% in FY23, and tin recovery improving to 72% from 69% in FY23.
It is also reported that the operating cash cost per unit of production excluding selling expenses and sustaining capital expenditure for FY24 stood at N$334,807.20 (US$17,640) per tonne of contained tin, falling within management guidance and marking a 14% decrease quarter-on-quarter.
Andrada’s total cash cost and all-in-sustaining costs (AISC) decreased by 12% and 13% quarter-on-quarter respectively, all within the prescribed management guidance range.
“Although the higher stripping resulted in an increase in the AISC during the year, the exposure of the orebody’s grade, diversity of minerals including lithium, and scale at depth according to our geological model, will start to become glaringly apparent placing the operations in a robust position to capitalise on the rebound in the commodities markets for all our products,” Viljoen said.
The company recently expanded into the production of tantalum and lithium concentrates, producing five tonnes of saleable tantalum concentrate and 40 tonnes of saleable lithium concentrate. Andrada Mining Limited is a London-listed technology metals mining company whose flagship asset is the Uis Mine in Namibia.
