Andrada Revenue Jumps 80% as Uis Mine Expansion Gains N$98m Financing

Andrada Mining Limited reported an 80% increase in revenue to £20.6 million for the six months ended 31 August 2026, returning to profitability as higher tin production and stronger international prices boosted its financial performance.

The company’s unaudited interim financial results, released on 21 October 2026, show revenue rising from £11.4 million in the corresponding period last year, while profit after tax reached £2.5 million compared with a loss of £3 million previously.

The improved performance comes as the company advances an expansion of its Uis tin mine in the Erongo Region, supported by N$98 million in financing from Bank Windhoek and the Development Bank of Namibia.

The two financial institutions are providing loan facilities of N$49 million each to fund planned upgrades to the mine’s processing infrastructure, including an ore-sorting project intended to improve processing efficiency and increase tin recovery.

Andrada expects the project to increase annual tin concentrate production by approximately 50% to 70%, to between 2,500 and 3,000 tonnes. The company said the project is fully funded and progressing according to schedule.

The expansion could strengthen the mine’s contribution to Namibia’s mining industry through higher production and additional demand for goods and services, although the scale of any wider economic benefits will depend on the project’s implementation and operational performance.

Andrada’s financial turnaround was supported by a 13% increase in contained tin production to 576 tonnes, while its average realised tin price rose by 57% to US$52,131 per tonne.

Chief executive officer Anthony Viljoen said the results marked a significant turning point for the company.

“These results mark a significant turning point for Andrada, with strong operational performance at Uis translating into a step-change in profitability and cash generation,” Viljoen said in the interim results announcement.

The company’s performance highlights the importance of both production volumes and international commodity prices to mining revenues. While higher prices can improve earnings, sustained profitability also depends on operating costs, capital expenditure and the ability to maintain production.

The planned expansion comes against the backdrop of mining’s wider role in Namibia’s economy. According to the Chamber of Mines of Namibia’s 2025 Annual Review, its members spent approximately N$23.97 billion on locally sourced goods and services during 2025, representing 65% of their procurement expenditure.

Increased production at Uis could create further opportunities for local suppliers, depending on the mine’s procurement requirements and the extent to which Namibian businesses can meet them.

Beyond tin, Andrada is pursuing opportunities to diversify its mineral portfolio through the Lithium Ridge project, developed in partnership with SQM, and the Brandberg West project with BWCAM Limited.

The projects target lithium, tantalum, tungsten and copper, minerals associated with applications in energy storage and industrial manufacturing. However, their future contribution to revenue and investment will depend on further exploration, technical assessments and development decisions.

For now, the company’s stronger interim earnings and planned Uis expansion place tin production at the centre of its near-term growth strategy, with the expected increase in output offering potential to strengthen its operational performance and economic footprint in Namibia.