Andrada subsidiary concludes funding agreement with Bank Windhoek
Aim-listed Andrada Mining’s subsidiary, Uis Tin Mining Company (UTMC), has concluded the N$175-million (about £7.5-million) funding agreements with Bank Windhoek Limited (BWL), as previously announced this year.
These facilities replace UTMC’s current banking facilities with immediate effect.
The proceeds will be allocated primarily to the retirement of existing facilities, growth initiatives and working capital.
The funding has been concluded following the fulfilment of conditions precedent, including the receipt of all required consents and documentation.
“We are proud to have finalised a significant funding agreement for a mining company by Bank Windhoek. This partnership underscores our commitment to Namibia and its thriving mining industry.
“The funds will be instrumental in accelerating our exploration efforts, enhancing our production capabilities and creating new job opportunities for Namibians. We are confident that this investment will not only benefit UTMC but also contribute to the overall economic development of the country,” says Andrada CEO Anthony Viljoen.
“Bank Windhoek is committed to fostering progressive partnerships with businesses through funding to provide impetus to local economic growth. Namibia presents a compelling investment opportunity for our bank due to its stable political climate, robust legal framework for mining operations and abundant natural resources.
“The mining sector has a proven record of success and offers significant potential for growth. We believe that supporting Andrada aligns with our commitment to sustainable development and economic progress in the country,” says BWL CEO Baronice Hans.
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