Andrada Mining Limited announced a 5% year-on-year (YoY) increase in ore processing, with a total of 239,240 tonnes processed during the third quarter (Q3) of its 2025 financial year, which ended on 30 November 2024.
The company also recorded a 12% improvement in its tin recovery rate, achieving 74%, while plant utilization rose by 8% to 93%, according to its Q3 operational update.
CEO Anthony Viljoen attributed the improved performance to Andrada’s Continuous Improvement Program (CI2).
“The improved operational performance YoY in terms of production output, increased recovery rate, and plant utilization are great achievements for the company and can be directly attributed to the ongoing Continuous Improvement Program (CI2). This underscores the value-accretive nature of CI2 and its potential to transform Andrada’s operations,” he said.
Despite the overall gains, quarter-on-quarter (QoQ) performance saw a 2% decline in ore processed due to increased maintenance on the crushing circuit and the processing of lower-grade blended ore, which led to a 2% drop in the recovery rate compared to Q2 FY2025. However, stable plant utilization and availability rates were maintained, demonstrating operational resilience.
The company reported a 26% YoY increase in realized tin prices, achieving an average of N$573,613 (USD 31,266) per tonne for the quarter. While processing and maintenance costs rose slightly during the quarter, year-to-date operational costs remained within guidance, with C1 operating costs at N$371,916 (USD 19,727) per tonne and All-In Sustaining Costs (AISC) at N$524,243 (USD 28,575) per tonne.
Andrada also reported a 15% YoY increase in contained tin production, delivering 232 tonnes during Q3 FY2025 compared to 202 tonnes in the same quarter of the previous year.
In addition to tin, the company produced 16 tonnes of saleable tantalum concentrate at a grade of 10.9% Ta₂O₅, with recovery rates improving to 5.7%. However, no additional tantalum shipments were made following the completion of Q2 deliveries.
The company’s financial position remained stable, with available cash of N$60.54 million (USD 3.3 million) at the end of November. This was impacted by one-off VAT payments related to equipment imports and expansion projects, though refunds are anticipated.
Andrada also expects an additional N$27.52 million (USD 1.5 million) in funding tied to the Lithium Ridge agreement, pending regulatory approval.
Looking ahead, Viljoen expressed optimism about market conditions.
“We remain optimistic about the global tin and lithium markets, which seem poised for further price increases as supply continues to be constrained. Andrada will be well-positioned to benefit significantly from any upside as we increase production in the upcoming year,” he said.
