Andrada Mining teams with European Investment Bank on lithium mine
Andrada Mining Ltd on Tuesday said it has struck a cooperation agreement with the European Investment Bank for the Uis mine lithium feasibility study.
The tin and tantalum producer in Namibia said under the terms of the agreement, the project will benefit from technical and project development assistance through a facility funded by the European Union.
Consulting services valued at up to €2 million will be provided through the critical raw materials technical assistance facility.
The project aims to produce 50,000 tonnes per year of lithium concentrate from the Uis mine in western Namibia.
The agreement was signed by Andrada Mining’s wholly owned operating subsidiary Uis Tin Mining Co Ltd.
Andrada Mining said the agreement accelerates the project’s pathway toward a bankable feasibility level and ultimate implementation.
‘This partnership with the European Investment Bank is a major milestone for Andrada. It materially accelerates our lithium development strategy whilst validating Uis as a strategically important asset within the global critical minerals supply chain,’ said Andrada Mining Chief Executive Officer Anthony Viljoen.
‘By materially accelerating the lithium project stream at Uis, with a clear objective of reaching bankability feasibility level, we are well-positioned to become a recognised source of lithium.’
Shares in Andrada Mining closed up 5.4% at 3.90 pence on Tuesday in London.
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