Andrada achieves strong interim production, revenue growth
Namibia-focused metals and mining company Andrada Mining, which operates the Uis mine, achieved significant growth in the six months ended August 31, driven by a 67% year-in-year increase in tin concentrate production to 758 t, which resulted in a 58% increase in contained tin to 454 t.
Consequently, revenue increased to £8.7-million, from £4.7-million recorded for the six months to August 31, 2022.
The increase in revenue resulted in a higher gross profit of £1.5-million compared with a gross loss of £1-million in the prior comparable period.
"This impressive performance is attributed to a 37% increase in plant processing rate and a 10% improvement in capacity utilisation, following the completion of the modular expansion of the crushing and tin concentration circuits in the third quarter of 2023.
"The enhanced plant performance revealed bottlenecks that needed to be eliminated to ensure sustainability of the increased output and higher production rates. To that effect, the CI2 is expected to improve processing efficiencies to maximise the tin concentrate recovery rate to approximately 70%, establish business sustainability through the enhancement of operational support infrastructure and to reduce operating costs," the company says.
"The interim period under review has been nothing short of eventful and exhilarating.
"We achieved numerous milestones across all the company's departments with a single-mindedness to expedite the route-to-market for lithium and tantalum. These milestones include the significant lithium discoveries on Lithium Ridge and Spodumene Hill licence areas which established Andrada as an emerging, formidable polymetallic producer," says CEO Anthony Viljoen.
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