TSX-V- and AltX-listed Alphamin Resources achieved earnings before interest, taxes, depreciation and amortisation (Ebitda) of $38.3-million for the quarter ended September 30, compared with the Ebitda of $35.4-million reported for the second quarter of this year.
The increase in Ebitda came on the back of stable production and sales volumes and a higher tin price.
The company, which operates the Mpama North mine, in the Democratic Republic of Congo (DRC), produced 3 104 t of tin in the third quarter and sold 3 111 t of tin. Output and sales were in line with that of the second quarter.
The tin price averaged $26 557/t, compared with $25 587/t in the second quarter.
Meanwhile, work on Mpama South, which will increase Alphamin's output by 60%, continues.
A total of 2 448 m of underground development at Mpama South has been completed to date, of which 988 m was achieved in the third quarter.
The Mpama South adit is expected to connect with the Mpama South underground workings by early November.
The year-to-date development metres at Mpama South are in line with the company’s updated two-year underground mine plan to achieve the targeted tin production expansion from the 2024 financial year.
This will require about 1 200 m of underground development to be completed during the fourth quarter of this year.
Alphamin says the erection of the new processing facility is progressing well, but poor road conditions and the impact of a damaged bridge have delayed container deliveries by about three weeks.
As a consequence, the commissioning of the new processing plant may be delayed to January/February 2024, it states.