Andrada Mining Ltd (AIM:ATM, OTC:AFTTF) said it saw operational improvements in key areas at its Uis mine in Namibia during its third quarter while the tin price has also recovered sharply.
Ore processed in the three months to 30 November 2024 rose by 5% to 239,000t, tin production rose 15% to 232t, while plant utilisation rose seven points to 93% and tin recoveries by eight points at 74%.
The realised tin price also jumped 26% to US$31,266.
Costs were the one area where Andrada struggled, but Anthony Viljoen, chief executive, said this was an anomaly due to the operating improvements and the group is on track to hit its guidance for the year.
Viljoen added: "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 (CI2).
“This underscores the value-accretive nature of CI2 and its potential to transform Andrada's operations.
“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."