Alphamin announces record quarterly tin production

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 June 2022:

  • Record quarterly tin production of 3,180 tonnes
  • Q2 EBITDA(3) of US$67m
  • Interim dividend for FY2022 of CAD$0.03 per share declared on 5 July 2022

OPERATIONAL AND FINANCIAL PERFORMANCE – Q2 2022

Contained tin production of 3,180 tonnes represents a quarterly record, 4% above the previous quarter. Underground mining and processing plant recoveries were in line with expectations.

Year-to-date contained tin production of 6,241 tonnes exceeded the run-rate to achieve market guidance of 12,000 tonnes for the year ending December 2022. Alphamin expects contained tin production and sales of approximately 3,000 tonnes for the quarter ending September 2022.

AISC per tonne of tin sold decreased by 7% to US$14,677 following a 4% increase in production and the impact of lower tin prices on off-mine costs related to product marketing fees, royalties, export duties and smelter payables.

EBITDA for Q2 2022 amounted to US$67m (Q1: US$98m) at an average achieved tin price of US$35,345/t (Q1: US$43,834/t). In addition to a higher tin price, the previous quarter’s sales volumes included a catch-up from delayed sales during Q4 2021.

The Alphamin consolidated Net Cash position increased by US$8,3 million during Q2 2022 to US$138.1 million. This increase is after a FY2021 corporate tax payment of US$43.5 million to the DRC government in April 2022.

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