Business
Appointment of Barclays as Strategic Advisor
Appointment of Barclays as Strategic Advisor.
About this update from Andrada Mining Limited
[{"type":"text","content":"\n\n11 May 2023\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.\nAndrada Mining Limited\n(\"Andrada\" or the \"Company\")\nAppointment of Barclays Bank PLC as a strategic financial advisor to the Company's lithium development programme\nAndrada Mining Limited (AIM: ATM), an African technology metals mining company with a portfolio of mining and exploration assets in Namibia, is pleased to announce the appointment of Barclays Bank PLC acting through its Investment Bank (\"Barclays\"), as a strategic adviser to advance its lithium portfolio.\nAs previously announced, the Company is in the process of expanding its existing tin operations to incorporate a lithium concentrate production stream. The Company operates in the lithium rich Erongo Region of Namibia and aims to use its asset position and first mover competitive advantage to rapidly develop a vertically integrated lithium industry within the country. Bringing a lithium concentrate to market from the ongoing pilot programme, will be the first step to validating the lithium potential of the region as well as unlocking the significant potential of the Company's large mineral resource.\nAs a result of these ongoing initiatives, Andrada has received numerous unsolicited approaches from international entities seeking to participate in the acceleration of the Company's lithium strategy by partnering with Andrada to develop its Uis mining licence ML134. To this end, the Andrada Board has decided to undertake a structured assessment (\"Strategic Assessment\") of these approaches. The focus will be on identifying a partner with appropriate technical and financial capabilities for expediting the lithium opportunity, by way of investment into the Uis Tin Mine Company (Pty) Limited, the subsidiary that holds the ML134 mining licence. The Strategic Assessment will enable Andrada to explore several funding permutations based on existing and proposed options, to determine the one that is most aligned to its overall...