Andrada targets 2 000 tonne tin production
Tin producer Andrada Mining plans to produce 2 000 tonnes of tin as it moves to become a major supplier of the product.
The company outlined its ambitious plans in a quarterly update, saying increased tin royalties will provide it with the necessary funding to achieve its goal.
"Operational performance improved against the same quarter in Financial Year 2023 due to the lower comparative base. We aim to further enhance cost efficiencies by increasing tin production through the CI2 project. The tin royalty will provide the necessary funding to produce up to 2 000 tonnes of contained tin per annum, positioning Andrada as a major global supplier," company CEO Anthony Viljoen said.
The company was also making progress with regards to becoming a notable lithium producer, Viljoen added.
"We made significant strides in the third quarter towards becoming a multi-technology producer. Drilling confirmed notable lithium intersections at Lithium Ridge, and post-period metallurgical production of spodumene concentrate marked major milestones towards entering downstream lithium markets. We also launched an exploration programme at Brandberg West, with the potential to expand our portfolio to include tungsten and copper."
Andrada was also on an increased drive to expand its investor outreach programme, Viljoen said.
"To further strengthen our investor outreach, we have appointed Berenberg and WHI as joint corporate brokers. Together with our current corporate brokers, Hannam & Partners, these appointments give us extensive reach into the United Kingdom and European capital markets," he said.
The process of identifying an appropriate partner to participate in lithium development is progressing well. Further updates on the process will be communicated in due course, Viljoen said.
Other highlights by Andrada include increasing its tin concentrate by over 100% year-on-year (y-o-y), to 346 tonnes, a more than 100% y-o-y increase in contained tin metal to 202 tonnes, and plant utilisation increasing to 86%. Andrada also noted the production of 10 tonnes of on-specification saleable lithium concentrate.
The company outlined its ambitious plans in a quarterly update, saying increased tin royalties will provide it with the necessary funding to achieve its goal.
"Operational performance improved against the same quarter in Financial Year 2023 due to the lower comparative base. We aim to further enhance cost efficiencies by increasing tin production through the CI2 project. The tin royalty will provide the necessary funding to produce up to 2 000 tonnes of contained tin per annum, positioning Andrada as a major global supplier," company CEO Anthony Viljoen said.
The company was also making progress with regards to becoming a notable lithium producer, Viljoen added.
"We made significant strides in the third quarter towards becoming a multi-technology producer. Drilling confirmed notable lithium intersections at Lithium Ridge, and post-period metallurgical production of spodumene concentrate marked major milestones towards entering downstream lithium markets. We also launched an exploration programme at Brandberg West, with the potential to expand our portfolio to include tungsten and copper."
Andrada was also on an increased drive to expand its investor outreach programme, Viljoen said.
"To further strengthen our investor outreach, we have appointed Berenberg and WHI as joint corporate brokers. Together with our current corporate brokers, Hannam & Partners, these appointments give us extensive reach into the United Kingdom and European capital markets," he said.
The process of identifying an appropriate partner to participate in lithium development is progressing well. Further updates on the process will be communicated in due course, Viljoen said.
Other highlights by Andrada include increasing its tin concentrate by over 100% year-on-year (y-o-y), to 346 tonnes, a more than 100% y-o-y increase in contained tin metal to 202 tonnes, and plant utilisation increasing to 86%. Andrada also noted the production of 10 tonnes of on-specification saleable lithium concentrate.
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