Andrada Mining, which runs the Uis tin mine in Namibia, more than quadrupled its gross profit in the six months to August 31. Revenue rose 80% to £20.6 million as tin output grew 13% and the price it received rose 57%.
At a glance
- Andrada received an average tin price of $52,131 a tonne, up 57%.
- It made an after-tax profit of £2.5 million, against a £3 million loss a year earlier.
- Half-year operating cash flow of £4.9 million beat the whole of the previous financial year.
Background
Andrada Mining is a London AIM-listed company focused on Namibia. Its Uis mine in the Erongo region is an open-pit hard-rock tin mine whose ore also contains lithium and tantalum. Tin's biggest use is solder, which joins the components on electronic circuit boards.
What happened
Andrada reported revenue of £20.6 million for the six months to August 31, up 80%, Mining Weekly reported on October 21. Gross profit more than quadrupled to over £8.3 million, lifting the gross margin to 40.3%.
The company made an after-tax profit of £2.5 million, compared with a £3 million loss a year earlier. Earnings before interest, taxes, depreciation and amortisation rose to £4.5 million.
Why profits jumped
Two things moved together. Tin production at Uis rose 13%, and the average price Andrada received rose 57% to $52,131 a tonne. Higher volumes sold at much higher prices turned a loss-making half into a profitable one.
Cash followed. The £4.9 million of cash from operations in the half-year was more than the £4.7 million generated in the whole of the previous financial year. Andrada ended the period with £15.6 million in cash.
What comes next
"These results mark a significant turning point for Andrada," chief executive Anthony Viljoen said. The company is installing an ore-sorting circuit at Uis, part of fully funded upgrades meant to raise production further.
It is also developing two growth projects with partners. Chile's SQM is earning into the Lithium Ridge lithium project, and BWCAM, an affiliate of investment firm ACAM LP, is funding the Brandberg West tin, tungsten and copper project.
Our read
Outlook: neutral. Andrada is a small producer, so its results reflect high tin prices rather than changing the market's supply.
What to watch
- Commissioning of the ore-sorting circuit at Uis and its effect on output.
- Progress at Lithium Ridge with SQM and at Brandberg West with BWCAM.
- Whether tin prices hold near the levels that drove this half-year's profit.
For information only, not investment advice.
Tin price in India
metalscost.com India reference price as of 2026-11-01.
Detailed analysis
Timeline
- 2026-08-31: Andrada Mining's half-year ends.
- 2026-10-21: Andrada reports half-year revenue up 80% and a return to profit.
Demand Drivers
Andrada's average tin price rose 57% to $52,131 a tonne, reflecting strong demand.
Mining Production
Uis tin output rose 13% in the half-year, with an ore-sorting circuit due to lift production further.
What could lift prices
- Tin prices received by producers are up 57% on the year.
- Small new supply from mines like Uis is slow to grow.
What could weigh on prices
- Uis output is rising, and further upgrades are planned.
- High prices encourage more mine expansions and new projects.
Country impact
| Country | Impact | Reason |
|---|---|---|
| Namibia | Low | Uis is growing tin output and developing lithium and tungsten projects. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Mining | Positive | High tin prices are turning smaller producers profitable. |
Who gains, who loses
- Andrada shareholders: The company returned to profit and built up £15.6 million in cash.
- Electronics makers: Tin for solder costs far more than a year ago.
Other ways this could play out
- If tin prices stay high, Andrada can fund its upgrades from cash flow.
- If prices fall back, margins would shrink even with higher output.
Price risks
- A sharp fall in tin prices would erase much of the profit gain.
- Delays to the ore-sorting circuit would slow output growth.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
