Andrada Mining "in a transformational period" after completing pilot plant
London, UK
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July 20, 2023 06:51 AM Eastern Daylight Time
Andrada Mining Ltd (AIM:ATM, OTC:AFTTF) CEO Anthony Viljoen speaks to Proactive's Thomas Warner after announcing that the London-listed technology metals mining company has completed construction of its pilot plant in Namibia and raised £7.7 million of new capital. The plant is set to begin commissioning in the coming weeks.
Viljoen highlights that Andrada has also added a tantalum circuit to their existing production circuit, further expanding their capabilities. He expresses his pride in the team's work so far on the project, with the plant construction completed slightly behind schedule but under budget.
He goes on to explain the rationale behind the $7.7mln fundraise announced at the same time, highlighting that issuing loan notes was deemed to be the least dilutive method for the company to achieve its objectives and is particularly important as Andrada continues to finalise its project funding from the Development Bank of Namibia (DBN) and a fund managed by Orion Resource Partners.
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