Andrada Mining CEO Anthony Viljoen
London-listed technology metals mining company Andrada Mining has appointed Barclays Bank as a strategic financial adviser to advance its lithium portfolio.
Andrada, which holds mining and exploration assets in Namibia, is in the process of expanding its existing tin operations to incorporate a lithium concentrate production stream. The company operates in the lithium-rich Erongo region of Namibia and aims to use its asset position and first-mover competitive advantage to rapidly develop a vertically integrated lithium industry within the country.
Bringing a lithium concentrate to market from the ongoing pilot programme will be the first step to validating the lithium potential of the region, as well as unlocking the significant potential of the company's large mineral resource, it states.
Andrada has received a number of unsolicited approaches from international entities seeking to participate in the acceleration of its lithium strategy by partnering with Andrada to develop its Uis mining licence.
The company's board has, therefore, decided to undertake a strategic assessment of these approaches, which will be led by Barclays.
The focus of the assessment will be on identifying a partner with appropriate technical and financial capabilities for expediting the lithium opportunity, by way of investment into the Uis Tin Mine Company, the subsidiary that holds the Uis mining licence.
The strategic assessment will enable Andrada to explore several funding permutations based on existing and proposed options, to determine the one that is most aligned to its overall objectives.
"As Andrada accelerates its trajectory towards producing lithium and establishing Namibia as a major producer, it is imperative that it collaborates with an appropriate strategic partner to realise value from this opportunity within the shortest timeframe.
"The appointment of a financial adviser for a strategic assessment will be key to ensuring that we have a well-structured and successful outcome. Barclays provides the optimal combination of extensive experience in advising on strategic partnerships and access to the global financial markets. We look forward to providing further updates on this process in due course," comments Andrada CEO Anthony Viljoen.