CHAMWE KAIRA
Andrada Mining Limited, a tin producer with a critical raw materials portfolio of mining and exploration assets in Namibia, has provided an update on its remuneration policy.
The policy was approved by shareholders at the company’s general meeting held in September last year.
On 1 March 2024, the company approved the payment of certain cash bonuses as part of the remuneration policy for the full year ended 28 February 2024. Only 50% of the cash bonuses have been paid to date.
The company achieved an overall performance score of 65% in the 2024 financial year based on the balanced scorecard.
“The assessment against Environmental, Social, and Governance (ESG), production, strategic initiative, and resource growth determined the score, also indicating areas of improvement. Due to the company’s strategic focus on preserving cash resources for operational priorities, the remuneration committee and the board have approved the granting of a choice to all recipients of the cash bonuses for their outstanding balances,” the company said.
The company said the employees can either wait to receive a cash payment in the future or can elect to receive ordinary shares in the company in lieu of the outstanding cash balance.
“Of the outstanding balance, employees with entitlements to bonuses amounting to £390 767 have elected to convert their bonuses into ordinary shares in the company, with the remainder waiting to receive their bonuses in cash at the discretion of the remuneration committee. Accordingly, the company has today issued 17 391 447 ordinary shares,” the company said.
In addition, the company also approved the issue of nil-cost share awards over 29 368 664 ordinary shares in the company to executive directors, management and employees pursuant to the terms of its Long-Term Incentive Plan and the Employee Share Scheme (ESS) also supports the retention of key leadership, providing continuity and stability as Andrada implements its strategy.
The company said the remuneration committee has now also approved the implementation of the ESS for other critical employees of the company.
The company said the total ordinary shares, which are the subject of the ESS Scheme are 5 844 456 In establishing this scheme, the directors believe that the compensation package recognises the hard work and contribution of dedicated employees while fostering a culture of ownership within the company.
“Equity participation enhances employee engagement and motivation, as well as retention, ensuring that individuals remain committed to driving the success of Andrada’s operations and projects. Importantly, the scheme enhances the achievement of the company’s strategic objectives by retaining talent and incentivising employees to commit to its long-term success,” the company said.
