Business
Conditional Asset Portfolio Restructuring
Conditional Asset Portfolio Restructuring.
About this update from Andrada Mining Limited
[{"type":"text","content":"\n\n27 June 2024\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 will be in the public domain.\n \nAndrada Mining LimiteD\n(\"Andrada\" or the \"Company\")\nProposed Restructuring of Andrada's Main Operating Company\nAndrada Mining Limited (AIM: ATM, OTCQB: ATMTF), the technology-metals producer with mining and exploration assets in Namibia, is pleased to announce it has, on 26 June 2024, executed a legally binding agreement to restructure Uis Tin Mining Company (\"UTMC\"), the operational Namibian entity that holds the Company's licences (ML133, ML134 and ML129) (the \"Licences\"), to ensure a more efficient corporate structure going forward, subject to certain conditions.\nBackground to the Transaction\nThe Company is seeking to increase its ownership interest in UTMC, from 85% to 100% through the acquisition of the 15% interest currently held by the Small Miners of Uis (\"SMU\").\nThe SMU is a not-for-gain (Section 21 of the Namibian Companies Act 2004) organisation established by the Minister of Mines and Energy of Namibia to support the economic development of Namibians in historical mining areas. UTMC was a joint venture between SMU and Andrada's wholly owned subsidiary Andrada Mining (Namibia) (Pty) Ltd (\"Andrada Namibia\") to ensure the economic development of the Licences. To date, the collaboration has been considered very successful in implementing its mandated responsibility to operate Uis Mine and to develop all the licences. SMU has a 15% interest in UTMC and under the proposed transaction this interest is being ultimately sold to Andrada Namibia.\nThe SMU has approved as part of the transaction, the transfer of a 5% ownership interest in UTMC, from its original 15% ownership interest in UTMC, to Sinco Investments Five (Pty) Limited (\"Sinco\"), to fulfil its mandate to further empower Namibians and enable access to the mining industry. Subject to satisfaction of the completion conditions set out below, Andrada Namibia will then acquire this 5% interest in UTMC from Sinco, as Sinco ha...