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.