Andrada Mining Ltd - technology metals mining company with a portfolio of mining and exploration assets in Namibia - Reports 4.8% increase in ore processed in the third financial quarter ended November 30, to 239,240 tonnes from 228,234t a year ago. Contained tin output grows 15% to 232t from 202t.
Chief Executive Officer Anthony Viljoen says: ‘The improved operational performance YoY in terms of production output, increased recovery rate and plant utilisation are the great achievements for the company and can be directly attributed to the ongoing continuous improvement programme.’
As the company aims to lower operational costs, CEO Viljoen adds: ‘Despite anomalous high costs figures recorded during this Quarter, impacted by improvements in Uis’s engineering protocols, we have remained within cost guidance for the year to date, and are confident we will meet full year guidance. We remain optimistic about the global tin and lithium markets that seem posed for further price increases as supply continues to be constrained. Andrada will be well-positioned to benefit significantly from any upside as we increase production in the upcoming year.’
Current stock price: 2.20 pence each, closed 8.2% lower on Friday in London
12-month change: down 59%
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