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Andrada Mining Ltd announced a substantial increase in annual revenues, rising by nearly 90% due to a significant ramp-up in tin production at its Uis mine in Namibia. This performance highlights a strong period of growth for the mining sector.
Production and Financial Highlights
For the year ending February 2024, Andrada Mining (LSE:ATM) reported a 54% increase in annual tin concentrate tonnage, reaching 1,474 tonnes. Additionally, annual tin metal tonnage grew by 51%, totaling 885 tonnes. Cash costs per tonne decreased by 11% to US$20,796, while all-in-costs were recorded at US$26,223 per tonne, in line with the company’s guidance.
Despite these positive developments, Andrada Mining reported a loss of £8.9 million for the year, compared to £8.1 million in the previous year. As of 27 August 2024, the company's cash balance stood at £10.1 million.
Future Plans and Strategic Focus
The company continues to seek a strategic partner for its lithium operations while expanding its tin processing capabilities. Key milestones for the upcoming years include the construction of a pre-concentration circuit, the completion of the CI2 Programme, feasibility studies, and the implementation of the lithium integration circuit. Exploration activities are also planned at Uis, Lithium Ridge, and Brandberg West.
