Alphamin ups EBITDA on stronger sales and higher tin prices
(Kitco News) - Alphamin Resources (AFM:TSXV, APH:JSE AltX,), a producer of 4% of the world’s mined tin from its high grade operation in the Democratic Republic of Congo, reported today that contained tin sales of 3,351 tons in March quarter 2021 were 45% higher than the previous quarter as the company recouped the sales shortfall of December quarter.
The company said that contained tin production of 2,611 tons in March quarter was 10% lower compared to December quarter (2,898 tons), mainly due to a lower feed grade of 3.8% Sn compared to 4.2% Sn the previous quarter. Alphamin added that the processing plant performed well at an average recovery of 74% whilst treating more material than the previous quarter.
EBITDA of $36.5m for March quarter is 118% above the previous quarter due to increased sales volumes benefiting from a 25% higher tin price. Tin prices are currently trading at around $29,000/t, some 26% above prices achieved during Q1 2021, the company noted.
Alphamin has also announced that the Fine Tin Recovery Plant (FTP) is on schedule for full commissioning during June 2021. Estimated expenditure at completion is substantially in line with the budget of US$4.6 million. The FTP has the potential to increase contained tin production by 5%-10% effective July 2021, the company pointed out.