Andrada subsidiary signs financing deal with Bank Windhoek

Andrada Mining announced a financing deal through subsidiary Uis Tin Mining…


Andrada Mining announced a financing deal through subsidiary Uis Tin Mining Company (UTMC) Tuesday, with Bank Windhoek.

The AIM-traded firm said the deal amounted to NAD 175 million (£7.3 million).

It said the agreement, subject to certain conditions and credit approval, would replace UTMC’s existing banking facilities, which were previously valued at NAD 111.3 million.

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The shift would make for a substantial increase in financial leverage, and also entrust Bank Windhoek with the primary responsibility for handling UTMC’s transactional banking services in Namibia.

The senior secured long-term loan, accompanied by additional short-term and working capital facilities, aimed to underpin UTMC’s operational costs, drive strategic growth, and facilitate the settlement of prior financial arrangements.

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“We are excited to partner with a respected Namibian owned financial institution like Bank of Windhoek,” said chief executive officer Anthony Viljoen.

“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.”

Viljoen said the the improved working capital facility would better support the company’s 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.”







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