Andrada writes down N$15.7m
Andrada Mining has provided for N$15.7 million in funding and accrued interest linked to the stalled Goantagab tin project, where litigation has delayed mining under an agreement intended to supply its Uis operation with up to 240 000 tonnes of high-grade ore a year.
The company advanced Goantagab Mining and Birca Mining Namibia a N$14 million liquidity facility, with N$1.7 million in accrued interest, for working capital and mine-establishment costs.
“Due to ongoing litigation matters delaying the commencement of mining on the Goantagab licence, management elected to be prudent and have provided for the full balance of this facility and the related interest until a final court ruling is received,” Andrada said.
The provision resulted in a N$15.1 million impairment loss during the year ended 28 February 2026.
Supply and profit share agreement
Andrada entered into a five-year ore supply and profit-sharing agreement with Goantagab in June 2025. The project could supply Uis with up to 240 000 tonnes of ore a year, averaging 1.5% tin, but mining has yet to begin.
Andrada said environmental concerns related to legislation governing the mining claims had led to the suspension of mining pending a court decision.
“The relevant court hearing has been postponed several times, with the latest hearing date now scheduled for September 2026,” the company said.
The company continues to engage Goantagab and other stakeholders on a resolution involving conservation, responsible mining and local employment.
$15m Goantagab option valued at nil
Andrada also holds a call option to acquire 100% of Goantagab Mining for $15 million
The option is conditional on the claims being converted into mining licences, environmental and social approvals being secured, legal issues being resolved and 60,000 tonnes of ore grading at least 1.5% tin being delivered.
Andrada’s accounts valued the option at nil at 28 February 2026.
The company said there was no declared mineral resource or reserve, while technical information remained incomplete and licence, legal and environmental matters were unresolved.
The nil valuation applies to Andrada’s acquisition option and does not mean the company has determined that the Goantagab project itself has no value.
