Namibia tin producer’s gross profit up fourfold on 80% revenue surge

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Namibia tin producer Andrada Mining on Wednesday, October 21, reported a quadrupled-plus gross profit and an 80% revenue surge.
Supporting this high performance in the six months ended August 31 was a 13% increase in tin production and an effective 57% tin price increase to $52 131/t.
Revenue of this London Aim-listed Namibia-focused company rose to £20.6-million and gross profit to £8.3-million-plus, with the margin increasing to 40.3%.
Compared with a £3-million loss in the comparative period, an after-tax profit of £2.5-million was recorded, with earnings before interest, taxes, depreciation and amortisation increasing to £4.5-million.
The £4.9-million cash generated from operations in the half-year exceeded financial year 2026's full-year cash generation of £4.7-million, with period-end cash reaching £15.6-million.
"These results mark a significant turning point for Andrada, with strong operational performance at Uis translating into a step-change in profitability and cash generation." Andrada CEO Anthony Viljoen pointed out in a media release to Mining Weekly.
The site of the opencast hard rock polymetallic Uis tin mine in Namibia's Erongo region, also hosts lithium and tantalum.
"We enter the second half of the financial year from a considerably stronger position with a critical minerals platform of three assets or value creators.
"We have demonstrated the earnings and cash-generation potential of the business. The priority now is to convert our funded investment programme and strategic partnerships into higher production, measurable project progress and sustainable shareholder value," Viljoen stated in a release to Mining Weekly.
The latest high performance has been achieved ahead of its next phase of production increase from fully funded plant upgrades that include the on-schedule ore-sorting circuit installation at Uis.
At the same time, two growth opportunities across tin, lithium, tungsten, copper and tantalum are being advanced by Andrada's partnerships with SQM at Lithium Ridge and BWCAM at Brandberg West.
The Lithium Ridge project is being advanced under a strategic earn-in partnership with SQM International, the lithium-producing subsidiary of Chilean mining company SQM, while Brandberg West is a tin and tungsten asset being developed in partnership with BWCAM, an affiliate of the private investment firm ACAM LP that entered into a funding agreement with Andrada to develop the Brandberg West copper/tungsten/tin project.
"Together with our renewed board, this gives Andrada a clear platform to execute on growth across all three assets," Viljoen explained.