Andrada Mining Limited (Andrada) has completed acquiring the remaining 15% stake in Uis Tin Mining Company (UTMC) from Small Miners of Uis (SMU), increasing its ownership to 100%.
The move, executed through a legally binding agreement on June 26, 2024, aims to streamline operations and boost economic development in Namibia’s mining sector.
UTMC holds Andrada’s licenses, including ML133, ML134, and ML129.
“The Directors confirm that, following the completion of all conditions, Andrada has concluded the ownership restructuring of its subsidiary, Uis Tin Mining Company Limited, by acquiring the shares in UTMC it did not own from the Small Miners of Uis. UTMC is Andrada’s operational Namibian entity and now owns 100% of the Company’s Lithium Ridge and Uis mining licenses (ML133 and ML134). At the same time, UTMC has disposed of ML129 as part of the consideration for the acquisition,” the company said.
SMU, a non-profit organization, was established by Namibia’s Minister of Mines and Energy to support local economic development in historical mining areas.
Under the proposed transaction, SMU transferred a 5% ownership interest in UTMC to Sinco Investments Five (Pty) Limited to further empower Namibians and enable broader access to the mining industry.
Andrada Namibia will subsequently acquire this 5% interest from Sinco, who prefer to hold Andrada listed shares.
Andrada Namibia will sell its 85% stake in License ML129 to SMU, aligning with Andrada’s strategic goals and enabling economic growth in the Erongo region.
This move will enhance Andrada’s engagement with potential funding partners, support economic empowerment in Namibia, and position the company for future lithium processing ventures.
Andrada is a critical raw materials producer with mining and exploration assets in Namibia.
