UAE firm IRH agrees to buy controlling stake in Congo tin miner Alphamin
DAKAR - International Resources Holding (IRH) said on Wednesday it will acquire a controlling stake in major tin producer Alphamin Resources Corp for C$503 million ($367 million), a significant expansion into critical minerals for the Abu Dhabi-based mining company.
IRH will purchase approximately 719 million shares, representing a 56% stake in Alphamin, from Tremont Master Holdings at C$0.70 per share, according to a joint statement.
"Alphamin's strong production profile aligns with our strategy of securing interests in high-quality mining assets with long-term growth potential," IRH CEO Ali Alrashdi said in a statement.
(Reporting by David Lewis Writing by Maxwell Akalaare Adombila; Editing by Kirsten Donovan)
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