Alphamin produces 2 832t of tin – 17% above the previous quarter

MAURITIUS – Contained tin production of 2 832 tons is 17% above the previous quarter. The benefit of the newly commissioned Fine Tin Plant increased overall processing recoveries by 5% to 75%.

Underground mining practices relating to stope planning, delineation and blasting were significantly improved from mid July 2021. This resulted in an average tin grade of 3,8% processed during August and September 2021 with an average of 3,5% for the quarter. In addition to improved grade control, run-of-mine volumes and waste development increased by 5% quarter-on-quarter.

Record profit (EBITDA) of US$53,7m for Q3 2021 is 58% higher than the previous quarter as a result of increased tin production and sales volumes, together with a higher tin price of US$33,704/t (Current tin price: ~US$37 000/t).

AISC per ton of contained tin sold decreased 2% quarter on quarter as a result of higher sales and production volumes off-set to some extent by the impact of the higher tin price on marketing commissions, royalties, export duties and smelter deductions.

The Company moved to a net cash position on 30 September 2021 compared to a net debt position of US$29,5m the previous quarter. The Board will establish an appropriate treasury strategy during Q4 2021 with the objective of balancing capital allocations between ongoing exploration drilling, the potential fast-track development of the Mpama South deposit and shareholder distributions.


The Company has determined to initiate a strategic review to explore alternatives with a view to maximising value. Such strategic alternatives may include, but are not limited to, fast-tracking the Company’s expansion and life-of-mine extension potential, balance sheet restructuring including revenue prepayments and streaming, shareholder distributions, or a corporate merger or sale transaction. The Company has appointed a financial advisor to provide advisory services in relation to the overall Strategic Review.

There can be no assurance that any strategic transaction or transactions will result from the Strategic Review.

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