Photo by: Alphamin
Abu Dhabi-based global mining company International Resources Holding (IRH) has entered into a definitive agreement with Tremont Master Holdings to acquire a 56% interest in TSX-V- and JSE-listed Alphamin Resources Corp, which owns and operates tin mining assets in the Democratic Republic of Congo.
IRH will acquire about 718.99-million Alphamin shares from Tremont at a price of C$0.70 a share, for a total consideration of C$503.29-million, or about $367-million.
IRH says the acquisition strengthens its position in the global industrial metals sector, adding a majority interest in a highly productive and strategically important tin asset to its portfolio.
"Alphamin's strong production profile aligns with our strategy of securing interests in high-quality mining assets with long-term growth potential," comments IRH CEO Ali Alrashdi.
"Following Tremont's 12-year history in exploring, evaluating and then building and operating the Bisie mine, we are now pleased to transfer our ownership stake to another long-term investor who shares our vision for the operation and our commitment to the region," says Tremont chairperson Rob Still.
Alphamin reported record tin production of 17 324 t for the 2024 financial year – a 38% year-on-year increase.
Production guidance for this year was initially set at 20 000 t; however, security concerns in the DRC earlier this year resulted in some interruption to operations.
Alphamin was forced in mid-March to temporarily halt mining operations, as insurgents were advancing closer to its operations. By early April, the company was, however, able to start a phased restart of operations.
The miner reported in mid-May that operations were running well. It, nevertheless, lowered its production guidance for the full year to 17 500 t.
Alphamin notes in a separate statement to its shareholders that the board of directors is evaluating the impact of the transaction, if any, on the company. 