JSE-listed tin miner Alphamin Resources has reported $98.1-million in earnings before interest, taxes, depreciation and amortisation (Ebitda) for the quarter ended March.
This reflected a 32% increase from the previous quarter.
Contained tin sold increased by 9% quarter-on-quarter to 3 336 t, while a record plant recovery rate of 78% was achieved, compared with 75% in the previous quarter.
The company’s net cash position also improved by 90% to $129.8-million, after a $30-million dividend payment.
The company said on May 13 that exploration activity continued to be a focus area, with expansionary and infill drilling expenditure of about $20-million planned for the current financial year.
Alphamin said about 85% of completed drill holes had intercepted visual tin mineralisation.
In late March, Alphamin announced an updated mineral resource for Mpama South at its Bisie tin complex, in the Democratic Republic of Congo, along with the decision to start with mine development at Mpama South.
Mpama South’s development is expected to increase yearly contained tin production from the current 12 000 t/y to about 20 000 t/y.
First tin production from Mpama South is targeted for December 2023.