Andrada Mining Limited Appointment of Barclays as Strategic Advisor (0224Z)
May 11 2023 - 2:00AM
UK Regulatory
TIDMATM
RNS Number : 0224Z
Andrada Mining Limited
11 May 2023
11 May 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 (MAR) as in force in
the United Kingdom pursuant to the European Union (Withdrawal) Act
2018. Upon the publication of this announcement via Regulatory
Information Service (RIS), this inside information is now
considered to be in the public domain.
Andrada Mining Limited
("Andrada" or the "Company")
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."
Barclays is acting for Andrada and no one else in connection
with the Strategic Assessment and will not regard any other person
(whether or not a recipient of this announcement) nor be
responsible to any person other than Andrada for providing the
protections afforded to the clients of Barclays or for providing
advice in relation to the Strategic Assessment. Neither an offer
for the Company or a sale of the ML134 mining licence are options
being considered as part of the Strategic Assessment.
Andrada Mining Limited
Anthony Viljoen, CEO
Sakhile Ndlovu, Head of Investor
Relations +27 (11) 268 6555
Barclays Bank PLC, acting through
its Investment Bank
Philip Lindop
Bruce Hart
Akshay Majithia +44 (0) 20 7623 2323
Nominated Adviser
WH Ireland Limited
Katy Mitchell +44 (0) 207 220 1666
Corporate Advisor and Joint Broker
H&P Advisory Limited
Andrew Chubb
Jay Ashfield
Matt Hanson +44 (0) 20 7907 8500
Stifel Nicolaus Europe Limited
Ashton Clanfield
Callum Stewart
Varun Talwar +44 (0) 20 7710 7600
Tavistock Financial PR (United
Kingdom)
Emily Moss
Catherine Drummond
Adam Baynes +44 (0) 207 920 3150
About Andrada Mining Limited
Notes to editors
Andrada Mining Limited is a London-listed technology metals
mining company with a vision to create a portfolio of globally
significant, conflict-free, production and exploration assets. The
Company's flagship asset is the Uis Mine in Namibia, formerly the
world's largest hard-rock open cast tin mine.
Lithium laboratory test work completed during the 2022 calendar
year indicated a high-grade, ultra-low iron lithium petalite
concentrate. The test work to convert lithium petalite concentrate
to battery-grade lithium hydroxide was initiated with Nagrom, a
leading Australian processing company, and commercial engagements
with lithium petalite concentrate off - takers are on-going.
An exploration drilling programme is currently underway with the
aim of expanding the tin resource over the fourteen additional,
historically mined pegmatites, all of which occur within a 5 km
radius of the current processing plant. The Company has set a
mineral resource target of 200 Mt to be delineated within the next
5 years. The substantial mineral resource potential allows the
Company to consider economies of scale.
Andrada is managed by a board of directors with extensive
industry knowledge and management team with deep commercial and
technical skills. Furthermore, the Company is committed to the
sustainable development of its operations and the growth of its
business. This is demonstrated by how the leadership team places
significant emphasis on creating value for the wider community,
investors, and other key stakeholders. Andrada has established an
environmental, social and governance system which has been
implemented at all levels of the Company and aligns with
international standards.
-END-
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