Andrada subsidiary enters into N$175m financing deal with Namibian lender
African technology metals mining company Andrada Mining reports that its Uis Tin Mining Company (UTMC) subsidiary has entered into a conditional credit-approved N$175-million funding agreement with Bank Windhoek Limited (WBL).
As part of the agreement, UTMC has agreed a conditional term sheet for a N$100-million loan, as well as agreed headline terms for short-term loan facilities of N$15-million.
Further, BWL intends to refinance UTMC's working capital facilities of N$50-million, as well as to provide Andrada subsidiary AfriTin Mining (Namibia) with a N$10-million guarantee to Namibia Power Corporation in relation to a deposit for the right to supply electrical power.
Andrada points out that BWL has indicated its interest in funding the construction of a 5 MW solar plant at the Uis lithium, tin and tantalum mine.
"We are excited to partner with a respected Namibian-owned financial institution like Bank of Windhoek. This comprehensive agreement aligns perfectly with Andrada's current and future funding needs. The increased cash flow should empower us to execute key operational decisions.
"Notably, the improved working capital facility will better support our production increases year-on-year. We look forward to executing final documentation and entering into a collaborative relationship as we achieve our ambitious growth plans," comments Andrada CEO Anthony Viljoen.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation