Andrada Mining revenue grows as tin price jumps, but loss widens

Andrada Mining Ltd said on Friday that its annual loss widened as higher administrative costs offset stronger revenue and production.

The technology metals mining company with assets in Namibia said pretax loss for the financial year ended February 28 widened to £9.4 million from £8.6 million a year earlier.

Revenue increased 34% to £30.1 million from £22.4 million. However, administrative costs jumped 45% to £13.7 million from £9.5 million, largely due to a £5.2 million unrealised loss on a commodity swap contract as tin prices rose.

At its Uis operation, ore processed increased 8% to 1.0 million tonnes from 965,058 tonnes. Tin concentrate production rose 15% to 1,740 tonnes from 1,507 tonnes, while contained tin production increased 13% to 1,036 tonnes from 921 tonnes. Tin shipments increased to 63 from 59.

Realised tin price increased 20% to USD37,133 per tonne from USD31,081.

Looking ahead, Andrada said: “Andrada enters the next phase of its development from a materially stronger position. Uis is in production and demonstrating improving operating leverage. Lithium Ridge is funded and partnered with one of the world’s leading lithium companies. Brandberg West is being advanced with external capital and technical support. The broader mineral district is increasingly understood, and the commodities within our asset portfolio, namely tin, lithium, tungsten, tantalum and copper, are central to some of the most important long-term changes taking place in the global economy. For much of Andrada’s history, the task was to identify the opportunity, secure the assets, establish the operating platform and progressively de-risk the portfolio. That groundwork has been done.”

Separately, Andrada appointed Neil Gawthorpe and Lili Alexandra Nupen-Staude as independent non-executive directors, subject to shareholder approval, following news that Chair Glen Parsons and director Laurence Robb will retire after nine years with the company.

Shares in Andrada were down 4.1% at 6.04 pence per share on Friday afternoon in London.

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