By: Creamer media

This follows the completion of two key conditions triggering the initial BWCAM investment as part of a staged earn-in partnership.

Andrada entered into an agreement with an affiliate company of long-term investment firm ACAM that will result in Andrada receiving up to $51-million in funding to develop Brandberg West.

The agreement involves ACAM’s affiliate, BWCAM, earning up to 49% ownership of the project.

As per the agreement between the companies, Andrada has adopted a constitution formulated by ACAM, while BWCAM has attained a 30% shareholding in Brandberg West following the initial investment.  

BWCAM also opted to invest an additional $1-million in respect of an equity subscription for 24.2-million new Andrada shares.

"The receipt of the initial investment from BWCAM represents an important milestone for Andrada and marks the successful transition of the Brandberg West partnership from agreement to execution,” says Andrada CEO Anthony Viljoen.

He adds that the company is pleased to have fulfilled the key conditions enabling funding and to formally welcome BWCAM as a strategic partner at both the project and corporate level.

“This investment provides immediate momentum to advance the assessment of tailings recovery potential and broader exploration opportunities at Brandberg West.”

Brandberg West is a historical tungsten-, copper- and tin-producing mine, with the investments aimed at investigating tailings recovery potential and wider exploration studies over the licence area.

Andrada will be progressing various work programmes in coming months as it builds up to become a diversified critical metals producer in Namibia.