Proactive Investors - Andrada Mining’s interim revenues nearly doubled as an expansion of the processing plant at the Uis tin mine in Namibia started to show through.
Revenues in the half year to end of August 2023 were £8.7 million (£4.7m), with a gross profit of £1.5m (Loss: £1m) while the pretax deficit dropped by a quarter to £2.8m.
Andrada (LON:ATM) noted that tin concentrate production increased by 67% with a 37% uptick in the plant processing rate.
First samples of lithium were also produced and sold with a pilot processing now commissioned adjacent to Uis.
Anthony Viljoen, chief executive, said the interim period has seen a number of milestones passed, including significant lithium discoveries on Lithium Ridge and Spodumene Hill license areas as well as operational improvements.
A new plant upgrade (C12) is expected to improve tin recoveries to 70% and will be implemented into 2025, Andrada added.