UAE firm IRH buys majority stake in Congo tin miner Alphamin
IRH, a unit of International Holding Co (IHC.AD), opens new tab, entered into an agreement to buy a 56% stake in Alphamin from Tremont Master Holdings, paying C$0.70 per share or about $367 million, the companies said in a joint statement.
Alphamin owns Bisie tin mine in the Democratic Republic of Congo's eastern region, which is also rich in minerals including tantalum, tungsten and coltan. Alphamin's Bisie mine produces about 6% of global tin supplies annually.
Alphamin's production profile "aligns with our strategy of securing interests in high-quality mining assets," IRH CEO Ali Alrashdi said in the statement.
The UAE firm last year concluded a deal to buy a 51% stake in Zambia's Mopani Copper Mines for $1.1 billion. Since then, IRH has said it is seeking deals for critical minerals in Zambia and Congo.
Major oil producers the UAE and also Saudi Arabia are seeking to diversify their sources of income and secure critical metal supplies from Africa and Latin America to allow them to benefit from the transition to green energy.
Tin is used in electronics, renewable energy, and semiconductors.
Alphamin was earlier this year forced to temporarily halt mining at Bisie as Rwanda-backed rebels M23 made advances in the vicinity of its Bisie mine.
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