Alphamin Resources, listed in both Canada and South Africa, has become a major force in the global tin market, operating the high-grade Bisie tin mine in the North Kivu province of the Democratic Republic of the Congo (DRC).
The mine sits atop some of the world’s richest tin deposits, and Alphamin has steadily capitalised on this geological advantage.
Tin is a key industrial metal, with about half of global demand driven by its use in soldering for electronics. It also plays a role in chemicals and tinplate and is gaining traction in electric vehicles and renewable energy systems.
Its importance to the global electrification push has led some to dub it the “forgotten” green metal. As electrification accelerates, tin demand is projected to grow at a compound annual growth rate of 2%-3% over the next decade. Adding to its appeal, tin is infinitely recyclable — it can be melted and reused without any loss in quality, making it one of the most sustainable metals on the market.
Alphamin’s operational progress hit a milestone in 2024 with the completion of the Mpama South expansion, pushing annual tin production to a record 17,324t — a 38% jump from the previous year and lifting Alphamin to the position of the fourth-largest tin concentrate producer globally, responsible for about 6% of mined tin supply. This leap came on the back of an 84% increase in processed ore, reaching 738,067t. As a result, financial results were excellent, with earnings before interest, tax, depreciation and amortisation for 2024 surging to $274m, up 102% year on year.
However, the company’s upward trajectory faced a significant setback recently due to escalating conflict in the DRC. On March 13, Alphamin announced the temporary cessation of mining operations at the Bisie mine. This decision was prompted by the advance of insurgent militant groups, notably the M23 rebel group, towards the mine’s location. The rebels had recently occupied towns such as Nyabiondo and Kashebere, situated about 110km northwest of Goma and in proximity to the Bisie mine.
Prioritising the safety of its employees and contractors, Alphamin evacuated all operational mining personnel, retaining only essential staff for care, maintenance and security purposes.
The market reaction underscored how critical Bisie’s output is to global supply
The impact on the tin market was immediate. Already strained by supply issues after the shutdown of Myanmar’s Man Maw mine, global tin prices jumped 11.5% on the London Metal Exchange, reaching a nearly three-year high of $37,100 per ton. The market reaction underscored how critical Bisie’s output is to global supply.
Before the conflict, Alphamin was pushing forward with aggressive exploration. Its strategy hinged on expanding resources and extending mine life at Mpama North and South while also probing new targets nearby. Drill results at Mpama South in late 2024 hinted at promising extensions to the mineralised system, reinforcing the company’s longer-term production potential.
Alphamin’s position is further strengthened by its low-cost profile. With an all-in sustaining cost of $15,576 per ton — including the costs of ramping up Mpama South — its margins remain wide when compared against a tin price of about $30,000. This has enabled the company to maintain profitability through expansion and support a high dividend yield, now about 16%.
Alphamin argues that aside from its Mpama South expansion, no major new tin projects are likely to reach production before 2030. The company points out that most global tin deposits lack the high grades found in the DRC, making them uneconomical at current prices. As a result, Alphamin believes the current price environment is too weak to incentivise meaningful investment in new supply.
Among the world’s top producers — China, Indonesia, Myanmar and Peru — only Peru has managed relative stability, though even its operations have faced intermittent shutdowns due to social unrest. In the other major producing countries, output has been under pressure as high-grade, low-cost deposits are increasingly depleted, making it harder to sustain production levels.
Alphamin is led by an experienced management team with executives from South Africa, France and Ireland, combining global mining expertise with a strong operational track record. On the ground, the company has made a point of integrating the local community into its operations, creating substantial employment opportunities in the region. Building trust has been central to Alphamin’s approach, with a focus on hiring locally and working closely with surrounding communities as part of its long-term strategy.
On April 9, Alphamin announced the phased restart of operations at its Bisie mine after rebel forces withdrew eastward towards Nyabiondo and Masisi, now more than 130km from the site. The move signals a tentative step towards operational recovery, but the security situation remains unstable.
For investors, the geopolitical risks tied to operating in the DRC are real and persistent. Additionally, while the long-term fundamentals for tin remain strong, Alphamin’s single-commodity exposure adds another layer of risk in a volatile market.
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