Alphamin Resources Corp. is a TSX-V and JSE AltX listed company whose business model covers the entire mine site life-cycle from incubation, exploration and commercialisation to production. Tin became the company’s primary focus when it gained control of the Bisie Tin Project through its acquisition of Mining and Processing Congo SPRL (MPC) in 2011. Having secured funding in 2017, the company is now nearing completion of construction of the Bisie Tin Mine, with longer-term plans to expand tin production in the region through development of additional exploration targets that fall within its licence area.
The Bisie Tin Project
The Bisie project is located in the Walikale district of North Kivu province, DRC, and is 80.75% owned by Alphamin through its subsidiary, Mining and Processing Congo SPRL (MPC). 14.25% of the project is owned by the Industrial Development Corporation (IDC) and the remaining 5% is held by the DRC government. Artisanal mining in the area was a major source of tin ore prior to 2010, accounting for up to 75% of the DRC’s tin output.
Since Alphamin has gained control of the project, extensive exploration and drilling has been undertaken at the Mpama North prospect and at additional exploration targets, including Mpama South. The company published a Feasibility Study in 2016, envisaging an underground mechanised mining method and haulage of blasted ore by articulated dump trucks.
In 2017, the company secured an US$ 80 million credit facility to help fund the implementation of the project. The Company has also raised further funds from private placements and equity funding such that it is now in a position where it is possible to complete construction of the project with cash available. Due to the mines remote location, investment has involved building an access road and an airplane strip. The underground mine capital footprint was completed at the end of December 2018, while the commissioning of the processing plant is on track to be completed by the end of March 2019. The Company aims to reach nameplate capacity between April and June 2019.
|Project Name||Bisie – Mpama North|
|Output (t/y Sn)||9,600|
|Mine Life (years)||12|
|Capital Cost (US$ M)||151.4|
|Cash Cost (US$/t of tin)||8,837|
NI 43-101 Mineral Reserve
|Ore (Mt)||4.67||Metal (t)|
NI 43-101 Measured & Indicated Mineral Resource
|Ore (Mt)||4.6||Metal (t or g)|
NI 43-101 Inferred Mineral Resource
|Ore (Mt)||0.54||Metal (t or g)|