TSX-V listed Alphamin Resources Corp. has announced an agreed investment worth up to US$ 10 M by the Industrial Development Corporation of South Africa Ltd. (IDC) in return for a 14.25% equity stake in Alphamin DR, the companies subsidiary in the Democratic Republic of Congo (DRC)
Interim Alphamin CEO, Boris Kamstra, said: “The IDC’s investment into Alphamin DRC represents a vote of confidence for Alphamin from a significant experienced long term investor. We look forward to working with the IDC in developing the Bisie tin project,”
Closing of the deal is set to occur around December 15th pending regulatory approvals. The funds will be utilised to progress development of the Bisie tin project, including resource evaluation, DFS completion and, should this be positive, early mine construction work.
The IDC is a major South African financing institution and has been investing in mining for over 70. More detail can be found on their website at www.idc.co.za
