Alphamin announces Q3 results and update on Mpama South
Alphamin Resources Corp. has announced mine production of 3,104 tonnes of tin for the third quarter, representing a marginal 1% decrease from the previous quarter. Alongside this, the company has shared advancements in their Mpama South project.
Alphamin Resources, producer of 4% of globally mined tin, on Monday, released their Q3 2023 operational and financial update, including an overview of the development progress at their Mpama South mine in North Kivu, Democratic Republic of Congo.
In Q3, the company processed 100,395 tonnes of ore, representing a 1% increase on the previous quarter. Overall plant recovery was unchanged at 76%. Sales volumes of 3,111 tonnes were consistent with the previous quarter, showing a slight uptick of 1%. The tin price achieved averaging $26,557 per tonne. Earnings before interest, taxes, depreciation and amortization (EBITDA) witnessed an 8% increase to $38,300 per tonne. However, all in sustaining costs (AISC) rose 6% to $14,812 per tonne. Alphamin attributed the higher AISC to the timing effect of sustaining capital expenditure, elevated diesel prices, and increased underground development at Mpama North.
At Mpama South, a further 988 m of underground development was completed, bringing the total to 2,448 m, with a 64% increase in development rate this quarter. This aligns with the company’s two-year underground mine plan aimed at expanding tin production from the 2024-2025 financial year, requiring approximately 1,200 m of underground development in Q4 2023. Delays due to infrastructure damage on the primary transport route to Mpama South mean that the commissioning of a new processing plant may be pushed back to early 2024.
Alphamin anticipates the Mpama South project will enhance their combined annual tin production from around 12,000 tonnes to approximately 20,000 tonnes in 2024. Further financial results are expected in mid-November 2023.
Alphamin Resource’s continued strong production at Mpama North, coupled with positive progress in spite of external disruptions affecting Mpama South, positions the company well for their planned ramping-up of production in 2024.
