Andrada receives regulatory approval in Namibia for Brandberg West earn-in agreement
Andrada Mining has received approval from the Namibian Competition Commission (NaCC) for the earn-in agreement reached, in respect of the Brandberg West copper, tungsten and tin project, between its subsidiary Andrada Investments and natural resource partnership ACAM subsidiary BWCAM.
Under the terms of the earn-in agreement, BWCAM could provide up to $51-million in staged funding to accelerate the exploration and development of the Brandberg West polymetallic prospecting licence, which is held by fully owned Andrada Investments subsidiary Grace Timon Investments. This would give BWCAM a 49% stake in Andrada Investments.
Andrada notes that, to date, geophysical surveys and reverse circulation drilling across the historical tailings storage facility at Brandberg West have been completed.
Moreover, diamond drilling is under way and sampling to test mineral extraction from waste streams has started.
“The unconditional approval from the NaCC represents another important step in unlocking the potential of Brandberg West. Our partnership with BWCAM combines Andrada’s Namibian operating and geological expertise with ACAM’s investment capabilities to advance the project systematically,” Andrada Mining CEO Anthony Viljoen comments.
Andrada says it will provide further market updates in due course.