What's Happening?
Andrada Mining, in partnership with Sociedad Química y Minera de Chile (SQM), has commenced exploration drilling at the Lithium Ridge project in Namibia. This initiative is part of a three-stage earn-in agreement where SQM will fund up to $7 million in exploration to secure a 30% interest at the project level. The exploration aims to unlock the potential of the mineralised ridge, with historical results showing promising lithium oxide concentrations. The project is strategically located near Andrada's Uis tin mine and hosts multiple high-priority lithium-bearing pegmatites.
Why It's Important?
The exploration at Lithium Ridge is significant for the global lithium supply chain, as it could enhance Namibia's role in providing critical minerals. The partnership with SQM underscores the project's potential and could lead to accelerated development, contributing to the growing demand for lithium in battery production. Successful exploration and development could position Andrada as a key player in the lithium market, potentially impacting global supply dynamics and supporting the transition to renewable energy sources.
