Alphamin Resources

Overview
Price performance
Financials
Research
Thematics

Alphamin owns (84.14%) and operates the Bisie tin mine at Mpama North in the North Kivu province of the Democratic Republic of the Congo with a grade of c 4.5% tin (the world’s highest). Accounting for c 4% of mined supply, it is the second largest tin mine in the world outside China and Indonesia.

Including production from Mpama South from Q224, we calculate a value for Alphamin of US$1.06 (or C$1.44), based on the dividends that can be generated from its existing resources. However, this increases to as much as US$1.76 (C$2.36) in the event that the company’s exploration programme continues to extend its mines’ lives indefinitely. In the meantime, its peers imply a share price for Alphamin of C$2.89/share.

Latest Insights

Metals & Mining |
Initiation

04.09.23

Alphamin Resources — Still leading the pack

Metals & Mining |
Update

13.04.22

Alphamin Resources — Mpama South continues the charge

Metals & Mining |
Update

08.12.21

Alphamin Resources — Presenting the bull case

Metals & Mining |
Update

06.12.21

Alphamin Resources — Underlying results exceed prior forecasts

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Sector

Metals & Mining

Equity Analyst

Lord Ashbourne

Director of Content, Mining

Key Management

Charles Needham

Non-executive Chairman
Eoin O'Driscoll

CFO
Maritz Smith

CEO

Balance Sheet

Forecast net cash (US$m)

1.9

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(2.3)	13.3	9.8
Relative	0.1	13.9	(1.3)
52 week high/low	C$1.2/C$0.8

Financials

Alphamin offers rare exposure to a metal that both Rio Tinto and MIT regard as the most likely to benefit from the energy transition. The company successfully ramped up its Mpama North mine at Bisie in the Democratic Republic of the Congo just as the tin price was enjoying one of its biggest bull markets in decades, allowing it to pay off debt and start making distributions to shareholders. Now, in the midst of a second similar squeeze, it has brought a second mine, Mpama South, into production, which will expand group tin output by c 50% to c 20,000tpa.