Andrada Mining Ltd. said it has appointed Barclays’ investment banking arm as a strategic adviser after receiving “numerous” unsolicited approaches from potential partners for the development of its Uis lithium mine in Namibia.
The board has decided to undertake a strategic assessment of these advances, it said, with a focus on identifying a partner with appropriate technical and financial capabilities for expediting the lithium opportunity, who will invest in the subsidiary that holds the ML134 mining licence at Uis.
Barclays has been appointed to lead the strategic assessment alongside Andrada’s existing advisory and financing partners, with the aim of finding the most suitable funding permutation based on existing and proposed options.
Andrada chief executive Anthony Viljoen said: “As Andrada accelerates its trajectory towards producing lithium and establishing Namibia as a major producer, it is imperative that it collaborates with an appropriate strategic partner to realise value from this opportunity within the shortest timeframe.
“The appointment of a financial advisor for the strategic assessment will be key to ensuring that we have a well-structured and successful outcome.
“Barclays provides the optimal combination of extensive experience in advising on strategic partnerships and access to the global financial markets.”
In March, Andrada said a bulk testing pilot on lithium from its Uis mine will complete in June, with a process identified by independent testers to produce a lithium concentrate suitable for buyers’ specifications in industrial and battery feedstock markets.
It said at the time it was exploring several options for achieving early lithium revenues in the second half of the 2023 calendar year, including concentrate production from the bulk pilot plant.
Later that month, Andrada announced the final results of infill drilling at Uis, indicating higher lithium grades and widths.
