By: Staff Writer
Andrada Mining’s subsidiary, Uis Tin Mining Company (UTMC), has secured a conditional credit-approved funding agreement of N$175 million with Bank Windhoek, marking a significant milestone for the company’s expansion plans.
This new loan agreement will replace UTMC’s existing banking facilities of N$111.3 million with Standard Bank Namibia, which were secured in November 2021 to finance the expansion of the Phase 1 processing plant at the Uis tin mine.
Additionally, Bank Windhoek will provide all main transactional banking services to UTMC in Namibia.
Bank Windhoek has expressed interest in financing the construction of a 5MW solar plant at Uis, further demonstrating its commitment to sustainable energy initiatives.
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