JOHANNESBURG (miningweekly.com) – Alphamin Resources continues work to unlock its developing tin resource in the remote North Kivu region of the Democratic Republic of the Congo.
Alphamin CEO Boris Kamstra on Wednesday said he was happy with the progress made, with the Alphamin Bisie Mine (ABM) aligned to the mapped out schedule for the development of the mine.
The company recently secured the funding to develop Mpama North to steady-state production and has completed the construction of all the required camps and accommodation.
“Considerable progress on the construction of the project has already been made to-date – the boxcut for the underground portal of the mine has been completed and the decline has already progressed about 196 m underground into hard rock, slightly ahead of schedule,” he told media during a webcast-based update on the company’s activities.
Kamstra reiterated the intention to retain some funds once the operation starts generating cash for further exploration activities.
It is believed that the region can produce tin for well over 30 years.
First production at the mine is expected in the first half of 2019 and the mine is expected to reach steady-state production towards the end of 2019.
Alphamin will produce on average 9 642 t/y of tin at a cash cost of $8 837/t of tin produced and $10 359/t of tin sold after duties, royalties, levies and marketing fees, generating an average earnings before interest, taxes, depreciation and amortisation of $110-million a year.
The project has a payback period of less than two years.