Business
First Bulk Lithium Production and Funding Update
First Bulk Lithium Production and Funding Update.
About this update from Andrada Mining Limited
[{"type":"text","content":"\n\n22 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\")\nProduction of the First Bulk Lithium Concentrate from the Pilot Test Programme and Progress Update on Debt Funding\nAndrada Mining Limited (AIM: ATM), an African technology metals mining company with a portfolio of mining and exploration assets in Namibia, announces that it has produced lithium concentrate in the form of a high purity petalite concentrate. The concentrate was produced as part of the Company's off-site pilot test programme to investigate the metallurgical potential of the pegmatites from its mineral license areas around the town of Uis in Namibia.\nHIGHLIGHTS:\nSaleable lithium concentrate\n· First bulk lithium concentrate produced from the off-site pilot test programme using dense medium separation (\"DMS\"), consisting of 0.5 tonnes of petalite.\n· The 85% pure petalite concentrate assayed 4.16 % Li2O.\n· Potential offtakers have indicated that this concentrate composition represents a desirable lithium product.\n· The concentrate will be used to conduct test work with potential offtakers, including petalite conversion to lithium carbonate and lithium hydroxide.\nLithium bulk-sampling pilot plant\n· Construction of an on-site lithium pilot plant is on schedule with completion due during June 2023, and commissioning expected to commence in July 2023.\n· The pilot plant will enable the Company to expedite bulk pilot test work and increase pilot production of lithium concentrate.\nFunding update\n· Senior debt facility from Development bank of Namibia (\"DBN\") expected to reach contractual close at the end of May 2023 with potential first drawdown in June 2023.\n· The conclusion of the O...