https://newsletter.mw.creamermedia.com
Exploration|Mining|Drilling
Exploration|Mining|Drilling
exploration|mining|drilling

Andrada receives $25m from Orion

16th November 2023

By: Creamer Media Reporter

     

Font size: - +

Namibia-focused metals and mining company Andrada Mining has received $25-million in funding from Orion Resource Partners.

Andrada in August signed binding documentation for an updated, conditional $25-million funding package with Orion.

The funding package comprises a $12.5-million unsecured tin royalty, a $2.5-million equity subscription and a $10-million unsecured convertible loan note.

The $12.5-million raised through the tin royalty has been allocated to increase tin production at Andrada's flagship Uis mine, in Namibia, to 2 000 t/y.

The other $12.5-million of the funding package will be used to accelerate the lithium and tantalum revenue streams at Uis.

“We are pleased to announce drawdown of the Orion funding, following the fulfilment of all conditions. This partnership with Orion will not only enable the expansion of tin production up to 2 000 t/y, but will also allow us to accelerate our wider lithium and tin development surrounding our Uis mine. 

"The exceptional results achieved across all exploration drilling campaigns this year indicate that Andrada has the potential to generate additional revenue streams from multiple sites. We are pleased to have Orion, a globally respected resource funding partner, onboard to support our planned growth period,” Andrada CEO Anthony Viljoen comments.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

BOVA Safety Wear
BOVA Safety Wear

BOVA cemented their reputation in Africa by delivering high quality engineering through their range of safety footwear. 21 years after producing...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/11/2024)
15th November 2024 By: Martin Creamer
Magazine round up | 15 November 2024
Magazine round up | 15 November 2024
15th November 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:1.068 1.17s - 144pq - 2rq
Subscribe Now