Alphamin posts record quarterly tin output
JSE- and TSX-V-listed Alphamin Resources has set a record for production - 4 917 t of contained tin - in the quarter ended September 30.
This marks a 22% improvement on the preceding quarter.
Tin sales totalled 5 552 t, marking a 71% quarter-on-quarter improvement.
The company generated $91.6-million in earnings before interest, taxes, depreciation and amortisation in the quarter, which was a 69% improvement quarter-on-quarter.
Alphamin produces tin from the Bisie mine in the Democratic Republic of Congo.
The company attributed the record quarterly production to the successful Mpama South expansion project having contributed for a full quarter. The project enabled an increase in ore processed by 37% quarter-on-quarter to 229 107 t.
Alphamin is targeting yearly processing volumes of about 900 000 t at a tin grade of about 3% to produce about 20 000 t/y of contained tin.
The company’s tin production expansion is being delivered against a period of weakness in global tin supply with major producing regions experiencing production challenges, while no obvious major investments are being made in the industry.
Alphamin explains that demand for tin in solar installations remains robust and semi-conductor sales, a proxy for tin’s application in electronics, are reportedly improving.
“Demand in other applications is expected to recover as major economies enter a lower interest rate cycle and the recently introduced economic stimulus in China takes effect. These dynamics bode well for the tin price while exchange traded tin stocks are on the decline.”
Meanwhile, Alphamin continues with exploration drilling at the Mpama North and Mpama South targets with the aim to increase the Bisie project’s resource base and life-of-mine, as well as to identify remote tin deposits.
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