United Arab Emirates-based International Resources Holding (IRH) is in negotiations to purchase an indirect stake in Alphamin Resources, reported Bloomberg, citing people with knowledge of the matter.
Alphamin, said to be one of the world’s foremost tin producers, operates the high-grade Bisie tin complex in the DRC.
Private equity firm Denham Capital, which owns 57% of Alphamin, is considering the creation of a new vehicle to hold this stake, attracting attention from various potential investors including IRH.
A delegation from IRH recently visited the Bisie mining site, indicating a serious interest in the venture, although the discussions are not yet conclusive.
IRH, part of the International Holding Company controlled by Sheikh Tahnoon bin Zayed Al Nahyan, has not released any statements regarding the potential deal.
IRH’s mining portfolio began expanding with the acquisition of Zambia’s Mopani copper complex in March, signalling its growing interest in global mining investments.
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By GlobalData
Alphamin’s operations in the conflict-stricken North Kivu province have posed challenges to investments, despite the company’s significant production scale.
A partner in Alphamin, Rob Still, said Denham is investigating a “vehicle to continue the investment in Bisie”.
The company has “solicited considerable interest from a number of parties” and Denham is in discussions with them, he added.
Alphamin itself has chosen not to comment on the ongoing discussions.
Alphamin processed 229,107 tonnes of ore in the quarter ended September 2024, 37% more than that processed in the quarter ended June 2024. It reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of $91.6m during the third quarter, 69% higher compared with the previous quarter.
The company is said to be producing 7% of globally mined tin. Gerald Metals holds the exclusive rights to off-take Bisie’s tin concentrate until 2028.
