The Uis tin mine in Namibia
African technology metals mining company Andrada Mining reports that its Uis Tin Mining Company (UTMC) subsidiary has entered into a conditional credit-approved N$175-million funding agreement with Bank Windhoek Limited (WBL).
As part of the agreement, UTMC has agreed a conditional term sheet for a N$100-million loan, as well as agreed headline terms for short-term loan facilities of N$15-million.
Further, BWL intends to refinance UTMC's working capital facilities of N$50-million, as well as to provide Andrada subsidiary AfriTin Mining (Namibia) with a N$10-million guarantee to Namibia Power Corporation in relation to a deposit for the right to supply electrical power.
Andrada points out that BWL has indicated its interest in funding the construction of a 5 MW solar plant at the Uis lithium, tin and tantalum mine.
"We are excited to partner with a respected Namibian-owned financial institution like Bank of Windhoek. This comprehensive agreement aligns perfectly with Andrada's current and future funding needs. The increased cash flow should empower us to execute key operational decisions.
"Notably, the improved working capital facility will better support our production increases year-on-year. We look forward to executing final documentation and entering into a collaborative relationship as we achieve our ambitious growth plans," comments Andrada CEO Anthony Viljoen.