Andrada and Unicorn Sign Separate Loan Agreements to Advance Tin and Copper Projects in Namibia

en.Wedoany.com Reported - Andrada Mining and Unicorn Mineral Resources have separately announced the signing of loan agreements to fund the expansion of the Uis tin mine in Namibia and the acquisition and initial development of the Klein Aub copper mine.

Andrada Mining, through its subsidiary Uis Tin Mining Company, has signed loan agreements totaling N$98 million (approximately £4.4 million) with Bank Windhoek and the Development Bank of Namibia, with a tenure of 10 years. The funds will be used for the construction and commissioning of an ore sorting circuit at the Uis tin mine, as well as upgrades to the crushing and screening systems. Once the ore sorting circuit is operational, it is expected to increase tin concentrate production by 50% to 70%, reaching 2,500 to 3,000 tonnes per year, corresponding to approximately 1,500 to 1,900 tonnes of contained tin metal. The construction of the ore sorting circuit is being carried out by engineering firms Intagrey and Consulmet Limited. Andrada Mining CEO Anthony Viljoen stated that the strengthened collaboration with two leading Namibian financial institutions has enabled the company to secure the required financing, substantially reducing the delivery risk of the Uis ore sorting expansion project.

On the same day, London-listed Unicorn Mineral Resources announced that it has formally signed a £1.25 million unsecured loan agreement with Electro Automation (Group) Limited, which is controlled by the company's chairman, Paddy Doherty. The loan carries an annual interest rate of 10%, plus a 3% arrangement fee (£37,500), with a tenure of one year from the first drawdown. The funds will be used to support the company's proposed acquisition of the Klein Aub copper project in Namibia, related transaction costs, working capital, and operational expenditures in Namibia and Ireland.

The Klein Aub copper mine is a historically producing mine with approximately 5.6 million tonnes of slimes and tailings resources. Unicorn has previously signed a conditional term sheet to acquire a 75% interest in the project, with a consideration of approximately ZAR 26.5 million (approximately £1 million). The company published positive preliminary results from copper leaching tests at the mine in early 2026. The formal signing of this loan agreement is one of the key steps in completing the acquisition.

The two financing deals closing on the same day provide additional capital for two emerging mineral projects in Namibia, supporting the country's efforts to expand mineral production and diversify its mining sector.