Andrada Secures N$175 Million Financing Deal with Bank Windhoek. Andrada Mining Limited has finalized a N$175 million funding agreement with Bank Windhoek Limited, replacing its previous credit facilities to support the company’s growth strategy.
The agreement, initiated in March 2024 through Andrada’s subsidiary, Uis Tin Mining Company Pty Limited (UTMC), consists of a conditional credit facility aimed at strengthening the company’s financial resources.
Andrada’s CEO, Anthony Viljoen, explained that the funding comprises a long-term loan and working capital facilities, which will be used to enhance financial operations, fund growth initiatives, and settle outstanding debts. “This improved working capital facility will enable us to support year-on-year production increases more effectively. Finalizing this deal is an exciting step as we collaborate with Bank Windhoek to achieve our growth targets,” he said in essence.
He also emphasized that the deal comes with key benefits, such as more favorable terms, reduced costs associated with debt repayment, and improved cash flow, which will provide greater financial stability.Bank Windhoek is also considering financing a 5MW solar plant at Uis, further supporting Andrada’s operations.
Viljoen noted, “Partnering with Bank Windhoek, a respected Namibian financial institution, is a perfect fit for our current and future funding needs. The additional cash flow will allow us to make critical operational decisions,”
The funding package includes a N$100 million six-year loan with a grace period of 12 months for capital repayments. Additionally, Bank Windhoek will refinance N$50 million in working capital facilities and provide AfriTin Mining (Namibia) Pty Limited with a N$10 million guarantee to Namibia Power Corporation Pty Limited for a deposit tied to electricity supply rights.