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15/06/2024
Mining News

Record quarterly tin-in-conc production for Andrada Mining

Andrada Mining, formerly AfriTin Mining, produced record levels of tin-in-concentrate at costs below management guidance for the first quarter ending May 31, 2023 (‘Q1 2024’).

The company released the results in an unaudited operational update for its Uis project, Namibia, for Q1 2024, showcasing significant achievements and positive financial performance.

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Owing to the processing plant operating at record levels of 135 tonnes per hour, the company reported a 42% year-on-year increase in tin-in-concentrate production, reaching 216 tonnes in Q1 2024 compared to 152 tonnes in Q1 2023. When scaling to overall concentrate, production saw a substantial rise of 50%, reaching 359 tonnes compared to 239 tonnes in the same period last year.

Commenting on Andrada’s performance this quarter, Anthony Viljoen, CEO, is “pleased with the significant efficiencies achieved with the increased production of tin concentrate and the lower-than-expected cash cost increases QoQ.”.

Despite a quarterly rise in costs due to the increased stripping ratio from 1.4 to 2.3, the average C1 operating cash costs were maintained below the projected guidance, touching $15,741 per tonne of contained tin. Similarly, the All-In Sustaining Costs (AISC) were also lower than the management’s forecast, standing at $21,377 per tonne.

Improved safety performance was another notable highlight, with Andrada Mining achieving a Lost Time Injury Frequency Rate (LTIFR) of 0.95 for 881,808 Lost Time Injury (LTI)-free hours, indicating a safer working environment.

In terms of further exploration, drilling activities are ongoing to upgrade historic resources and confirm mineralization in various pegmatite areas.

Our view: The latest update reinforces Andrada Mining’s promising future. The company’s high levels of tin production and successful generation of their initial saleable bulk lithium concentrate showcase their potential. The exploration of revenues from this lithium for H2 2023 could further bolster their financial performance.

Positive momentum is likely to continue for Andrada, as the company anticipates releasing the assay results from their ongoing drilling activities in the near term.

 

Source: tin

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