Alphamin produced record tin output in 2023
JSE- and TSX-V-listed Alphamin Resources has announced record tin production of 12 568 t for the year ended December 31.
This exceeded market guidance of 12 000 t and marked a 1% improvement on the production posted for the prior year.
Alphamin says the Mpama North underground mine, in the Democratic Republic of Congo, continues to deliver ore at satisfactory grades and volumes, in line with expectations. The Mpama North processing facility achieved overall recoveries of 75% in the reporting year.
The company achieved the record production despite poor conditions impacting on truck transit times and export revenue receipts during the last quarter of the year.
The rains subsided significantly from mid-December, with rainfall now averaging about 10% of that recorded in October and November.
As a result of increased truck transit times, contained tin sales of 2 046 t in the fourth quarter of the reporting year were 1 080 t less than the quarter's production and resulted in high levels of tin in stock.
Alphamin expects the delay in tin sales to be resolved during the first quarter of this year.
Owing to this delay, Alphamin could only provide an estimate for earnings before interest, taxes, depreciation and amortisation (Ebitda) generated in the year. The company expects the full-year Ebitda to be $136-million, compared with Ebitda of $222-million in the prior year, and $20-million for the last quarter of the year, compared with the $38-milion Ebitda generated in the last quarter of 2022.
The company will release its full results on or about March 14.
In the meantime, Alphamin has set its production guidance for the 2024 financial year at between 17 000 t and 18 000 t, on the basis of incremental tin production from the Mpama South processing plant from April 1.
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