Andrada Mining Limited has secured a partnership valued at up to N$838.4 million (US$51 million) with ACAM LP to accelerate exploration and development of the Brandberg West polymetallic project in Namibia’s Erongo region.
The initial phase of the transaction includes an investment of N$164.4 million (US$10 million), which will provide ACAM affiliate BWCAM Limited with a 30% equity interest in the project, subject to the fulfilment of standard conditions and regulatory approval from the Namibian Competition Commission. In parallel, BWCAM will subscribe for N$16.4 million (US$1 million) in Andrada Mining shares.
The partnership is structured as a conditional, staged earn-in agreement between Andrada’s wholly owned subsidiary, Andrada Investments (Mauritius) Limited, and BWCAM Limited. Under the agreement, BWCAM may earn up to a 49% interest in the Brandberg West Project, while Andrada retains operational control.
“This partnership marks a major milestone in Andrada’s growth journey towards becoming a leading critical minerals producer,” said Andrada chief executive officer Anthony Viljoen.
“Brandberg West is a polymetallic deposit hosting tungsten, copper and tin, all of which are recognised as critical minerals for the global energy transition. Importantly, this investment coincides with a period of strong pricing for all three metals,” he said.
A follow-on investment of up to N$657.6 million (US$40 million) may be made at BWCAM’s discretion, subject to the achievement of agreed technical and development milestones. If exercised, this would increase BWCAM’s total interest in the project to 49%.
Proceeds from the initial investment will be used to assess tailings recovery potential, advance exploration activities, and undertake metallurgical and feasibility studies. The follow-on funding, if completed, would support expanded drilling, definitive feasibility studies and planning for a processing plant.
“The partnership allows us to apply proven expertise to unlock another tier of high-value metals,” Viljoen said.
“This structured investment approach creates a clear development pathway for Brandberg West, incentivises operational milestones and ensures disciplined capital expenditure.”
The transaction also includes provisions allowing BWCAM to exit under certain conditions, including an option for Andrada to repurchase the initial stake for N$180.8 million (US$11 million) should regulatory approvals or development milestones not be met.
Once fully developed, Brandberg West would become Andrada’s third standalone polymetallic project.
