JSE-listed Alphamin Resources has posted a 21% quarter-on-quarter increase in earnings before interest, taxes, depreciation and amortisation (Ebitda) to $75-million for the second quarter ended June 30.

Alphamin attributes the increase primarily to additional tin sales during the quarter.

Operations at Alphamin’s Bisie mine, in the Democratic Republic of Congo, had to be temporarily halted earlier this year owing to concerns about insurgents encroaching on communities near the operation. That disrupted tin production and sales.

Operations, however, resumed in mid-April.

Bisie produced 4 106 t of contained tin for the quarter ended June 30 – below the targeted quarterly production of 5 000 t, owing to the impact of the temporary cessation of operations.

In its unaudited condensed consolidated financial statements and accompanying management's discussion and analysis for the quarter and six months ended June 30, the company notes that the months of May and June recorded contained tin production of 3 361 t, which was in line with the annualised target of 20 000 t.

The processing facilities performed well and above target, with overall plant recoveries averaging 77% during the quarter.

Contained tin sales of 4 587 t for the second quarter were recorded against production of 4 106 t as the sales backlog from the first quarter was cleared.

Alphamin says the average tin price achieved was in line with the prior quarter at $32 512/t, noting that the tin price is currently trading at about $33 500/t.

Second quarter all-in sustaining cost was $16 387/t, which the company says was higher than normal owing to the impact of the operational stop.

Meanwhile, following its acquisition of a 56% shareholding in Alphamin in July, International Resources Holding's (IRH's) subsidiary, Alpha Mining, requested the appointment of two additional directors to the board of Alphamin.

The board has appointed, subject to regulatory approval, Ravi Sharma – COO of IRH – and Abhinay Khowala – group CFO of IRH – as additional directors of the company.

INTERIM DIVIDEND DECLARED

Alphamin says the board has declared an interim 2025 financial year cash dividend of C$0.07 a share on the common shares – about $65-million in aggregate.

The company says the dividend will be payable on September 15 to shareholders of record as of the close of business on August 29, adding that the board intends to consider a further top-up 2025 financial year dividend in November, taking into account the company's financial position and prevailing market conditions.

Alphamin, together with its new majority shareholder, says it wishes to reaffirm its objectives of declaring semi-annual dividends and to grow its globally significant tin production base by increasing the intensity of exploration efforts in order to significantly add to the current life-of-mine as well as focus on grassroots exploration in search of tin deposits in close proximity to the Bisie mine.