Chamwe Kaira
Andrada Mining Limited has secured conditional debt financing of N$98 million from two Namibian financial institutions to support expansion at its Uis mine and ongoing drilling at its Lithium Ridge project.
The company said the funding will come through 10-year loan facilities provided by Bank Windhoek and Development Bank of Namibia (BoN).
The loans will be channelled through its subsidiary, Uis Tin Mining Company.
The financing package consists of two equal tranches of N$49 million each.
Andrada said the debt funding complements the company’s US$11 million equity raise completed in April 2026 to support growth projects.
The company said the funding will help complete its ore-sorting circuit and increase production at the Uis mine without issuing more shares.
Andrada chief executive officer Anthony Viljoen said the funding reflects growing support from Namibian financial institutions for mining projects.
“This funding package, a collaboration between the company, Bank Windhoek and Development Bank of Namibia, shows a strong commitment within Namibia to enable local development of large-scale projects,” Viljoen said.
He said the recent equity raise helped create the conditions for the debt financing arrangement.
Andrada also announced the completion of an expanded diamond drilling programme at its Lithium Ridge project.
The drilling programme exceeded its original target by 18%.
The company increased drilling from a planned 14 500 metres to about 16 500 metres across 143 drill holes after encouraging geological results.
According to Andrada, assay results confirmed lithium mineralisation from surface to depth, including intersections of up to 3.02% lithium oxide over five metres.
The company said the drilling programme also identified tin and tantalum mineralisation within the same pegmatites, highlighting the project’s multi-mineral potential.
Final core samples are still being processed and remaining assay results are expected in the coming months.
Viljoen described the lithium grades as strong by global standards and said that collaboration with SQM added technical and commercial support to the exploration programme.
