Andrada Mining Limited Appointment of Barclays Bank PLC as a strategic financial advisor to the Company’s lithium development programme
Andrada Mining Limited (AIM: ATM), an African technology metals mining company with a portfolio of mining and exploration assets in Namibia, is pleased to announce the appointment of Barclays Bank PLC acting through its Investment Bank (“Barclays”), as a strategic adviser to advance its lithium portfolio.
As previously announced, the Company is in the process of expanding its existing tin operations to incorporate a lithium concentrate production stream. The Company operates in the lithium rich Erongo Region of Namibia and aims to use its asset position and first mover competitive advantage to rapidly develop a vertically integrated lithium industry within the country. Bringing a lithium concentrate to market from the ongoing pilot programme, will be the first step to validating the lithium potential of the region as well as unlocking the significant potential of the Company’s large mineral resource.
As a result of these ongoing initiatives, Andrada has received numerous unsolicited approaches from international entities seeking to participate in the acceleration of the Company’s lithium strategy by partnering with Andrada to develop its Uis mining licence ML134. To this end, the Andrada Board has decided to undertake a structured assessment (“Strategic Assessment”) of these approaches. The focus will be on identifying a partner with appropriate technical and financial capabilities for expediting the lithium opportunity, by way of investment into the Uis Tin Mine Company (Pty) Limited, the subsidiary that holds the ML134 mining licence. The Strategic Assessment will enable Andrada to explore several funding permutations based on existing and proposed options, to determine the one that is most aligned to its overall objectives.
Barclays, through its Investment Bank, has been appointed to lead the Strategic Assessment alongside Andrada’s existing advisory and financing partners. Barclays was selected from several potential advisors based on its extensive experience and knowledge in the lithium sector for small to mid-cap companies such as Andrada. Any parties interested in submitting an indication of interest in relation to the Strategic Assessment should contact Barclays via the contact details shown below.
Commenting on the Strategic Assessment, Anthony Viljoen, Andrada CEO said, “As Andrada accelerates its trajectory towards producing lithium and establishing Namibia as a major producer, it is imperative that it collaborates with an appropriate strategic partner to realise value from this opportunity within the shortest timeframe. The appointment of a financial advisor for the Strategic Assessment will be key to ensuring that we have a well-structured and successful outcome. Barclays provides the optimal combination of extensive experience in advising on strategic partnerships and access to the global financial markets. We look forward to providing further updates on this process in due course.”