Mali frees Resolute executives after $160 million deal, AFP reports
The three executives, including CEO Terry Holohan, were freed from detention on Wednesday.
Alphamin Resources (TSXV: AFM) reported on Friday its operating and financial results for Q4 2020, during which the company’s tin production rose 13% to 2,898 tonnes, the highest of any quarter.
The Q4 output exceeded its previous guidance of 2,600-2,800 tonnes as a result of better than expected tin feed grades and plant recoveries. The processing plant performed at an average recovery of 74% for the quarter, including a record recovery of 77% achieved in December.
The miner also posted a record EBITDA of $16.7 million at a tin price of $18,497/t for the quarter. However, sales volume was down 14% from the previous quarter due to logistical constraints.
In the short term, Alphamin aims to raise its annual tin production from the current level of 11,000 tonnes to 13,000 tonnes.
This increase is expected from July 2021 following the commissioning of the previously announced fine tin recovery plant and a planned increase of 5% in processed ore volumes. According to the company, the fine tin recovery plant has the potential to increase contained tin production by 5%-10% following its completion.
Alphamin aims to raise its annual tin production from the current level of 11,000 tonnes to 13,000 tonnes
Alphamin currently produces roughly 4% of the world’s mined tin from its Mpama North mine in the Democratic Republic of Congo. At a tin grade of roughly 4.5%, Mpama North is the world’s highest-grade tin resource – about four times higher than most other operating tin mines in the world.
The company is also completing a drilling program at the Mpama South deposit, located 750 meters south of the current processing facility. The goal is to release a maiden mineral resource this year and test the mineralization at Mpama South, with a view of establishing another long-life, high-grade mine at the Bisie complex.
Shares of Alphamin Resources were up by 3.1% by midday Friday, giving the tin producer a market capitalization of C$590.2 million.
