Alphamin’s Q3 tin production and sales exceed guidance
MAURITIUS – Alphamin Resources Corp. a producer of 4% of the world’s mined tin from its high grade operation in the Democratic Republic of Congo, has provided the following operational update for the quarter ended September 2022:
- Q3 tin production of 3,139 tonnes exceeds market guidance of 3,000 tonnes
- Q3 EBITDA4 estimate of US$30.1m represents a 44% EBITDA margin3,4 at a tin price of US$22,011/t
- AISC4 per tonne of tin sold reduced by 10% compared to the prior quarter
- Mpama South development project progressing according to plan
- Exploration activities in search of a third tin deposit accelerated
Production information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates.
Contained tin production of 3,139 tonnes was in line with the previous quarter and above market guidance of 3,000 tonnes. A highly mineralised area underground, not previously included in the mineral resource or mine plan due to its structurally complex nature, was successfully mined and processed during the quarter. This area delivered ore at good tin grades but contained high levels of sulphides which impacted processing recoveries.
Sales volumes were in line with production at an average achieved tin price of US$22 011/t and weighted towards the back end of the quarter. Year-to-date contained tin production of 9,380 tonnes has exceeded the forecast rate to achieve market guidance of 12,000 tonnes for the year ending December 2022. We expect contained tin production and sales of approximately 3,000 tonnes for the quarter ending December 2022.
AISC per tonne of tin sold is expected to decrease by 10% to US$13 200 due to the impact of the lower tin prices on the off-mine costs particularly to product marketing fees, royalties, export duties and smelter payables.
