Alphamin nears completion of production ramp up
Alphamin Resources has reported tin production of 4,917 tonnes in Q3 2024, up 22% from the previous quarter, in line with the company’s planned annual production of 20,000 tonnes.
Ore processed from Alphamin’s DR Congo-based Bisie mine increased 37% to 229,107 t, with average grade declining from 3.2% Sn to 2.9% Sn. This is in line with the company’s plans to process 900,000 t ore at an average grade of 3% Sn annually. Plant recovery saw a minor drop 3% to 73.4%. Tin sales also increased by 71%, clearing a 600 t sales backlog from the previous quarter.
All-In Sustaining Costs (AISC) remained approximately flat at $15,700/t tin sold, while EBITDA increased 69% to $91.5 million, despite a 2% fall in average tin price achieved, due to higher production and sales volumes.
Alphamin expect off-mine costs to decline from 2024 Q3 due to a 60% reduction in marketing fees negotiated as a part of the extension of the offtake agreement with trader Gerald Metals.
The company also announced an interim 2024 financial year cash dividend of CAD$0.06 per share.
Alphamin’s expansion comes at an opportune moment for the Chinese tin market, which remains tight on worsening supply disruptions in Myanmar and Indonesia. The vast majority of Congolese tin concentrate is exported to China, with concentrate monthly export volumes surging since the start of the year. In August, DR Congo constituted 30% of China’s tin concentrate imports, close behind Myanmar.
