Alphamin buoyed by Mpama South plant progress
TSX-V- and JSE-listed Alphamin Resources reports that tin concentrate production from the new Mpama South plant is imminent, with first ore having been successfully introduced on April 28.
The final plant commissioning phase is now under way and should result in a ramp-up in tin concentrate production during May.
The underground mine is ready to feed the plant at targeted rates.
As at March 31, Alphamin had retained earnings of $50.7-million, stockholders’ equity of $333.6-million and net current assets of $31.01-million.
In the first quarter, road conditions improved and sales normalised, following the delays encountered in the fourth quarter of 2023.
An extension to the offtake agreement with Gerald Metals group was concluded in January which provided for payments of up to $50-million for tin concentrate in the Democratic Republic of Congo.
This resulted in a considerably improved working capital and cash position at quarter’s end, Alphamin says.
Management has reviewed the working capital position and cash flow forecasts and is comfortable that the going concern is appropriate.
The company’s liquidity outlook is expected to continue to improve considerably owing to high operating margins, increased output from the Mpama South plant and a strong tin price.
For the three months ended March 31, earnings before interest, taxes, depreciation and amortisation were $52-million, up 156% from the prior quarter.
Tin sales were 4 126 t, up 102% owing to sales catchup from the previous quarter.
Tin produced was 3 142 t.
A final full-year 2023 dividend of C$0.03 apiece was declared.
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