Latest news with #AlphaminResources
The National
5 days ago
- Business
- The National
Abu Dhabi's IRH acquires majority stake in Congo's tin producer for $367 million
International Resources Holding (IRH), a unit of International Holding Company (IHC), has entered into a definitive agreement to buy a majority stake in the Democratic Republic of Congo's tin producer Alphamin Resources for $367 million as the Abu Dhabi-based company continues to expand its presence in Africa. As part of the agreement, IRH, through a wholly owned subsidiary, acquired a 56 per cent stake in Alphamin from Tremont Master Holdings, paying C$0.70 per share, or about $367 million, the two companies said in a statement on Wednesday. Alphamin, which is listed on Canada's TSX Venture Exchange and the Johannesburg Stock Exchange, is one of the world's largest producers of tin that is used in electronics, manufacturing, and industrial applications. 'This acquisition strengthens IRH's position in the global industrial metals sector, adding a majority interest in a highly productive and strategically important tin asset to its portfolio,' the companies said. IRH is part of 2PointZero, which was set up by IHC last year, with more than Dh100 billion ($27.2 billion) in assets. The company has been expanding its operations globally, with a focus on energy transition minerals and resources such as copper, cobalt, nickel, lithium, 3T (tin, tantalum and tungsten), manganese and graphite. Last year, IRH completed the acquisition of Mopani Copper Mines in Zambia, to expand its operations in the mining sector, for $1.1 billion. It also signed a joint venture agreement for mineral exploration ion Balochistan province of Pakistan in March. Its other agreements include a collaboration with South Africa's Public Investment Corporation, with a focus on unlocking value across the mining, green energy and transport and logistics sectors. "Alphamin's strong production profile aligns with our strategy of securing interests in high-quality mining assets with long-term growth potential,' Ali Alrashdi, chief executive of IRH, said. IHC, the largest listed company in the UAE, is on an acquisition spree. The conglomerate aims to double its asset base to Dh800 billion and hit the Dh200 billion annual revenue mark by the end of the decade, its chief executive Syed Basar Shueb told The National in an interview last month. The UAE, the Arab world's second-largest economy, accounts for 60 per cent of IHC's Dh416.5 billion asset base as of the first quarter this year, while the rest is spread across the region and the markets beyond.
Zawya
5 days ago
- Business
- Zawya
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)
Bloomberg
5 days ago
- Business
- Bloomberg
Abu Dhabi's IRH Buys Control of Alphamin's Tin Complex in Congo
Abu Dhabi's International Resources Holding agreed to acquire a majority stake in Alphamin Resources Corp., gaining access to one of the world's biggest tin mines. IRH will buy a 56% interest in Alphamin from a unit of private equity firm Denham Capital for about C$503 million ($366 million), it said in a statement. Bloomberg News reported in November that the Emirati mining firm was in talks about investing in the company, which owns the Bisie tin complex in the Democratic Republic of Congo.
The Hindu
07-05-2025
- Business
- The Hindu
After Ukraine deal, US turns its critical minerals gaze to Africa: Andy Home
Andy Home The government of the Democratic Republic of Congo reached out to the Donald Trump administration with a Ukrainian-style proposal in February in response to the rapid advance of the Rwandan-backed M23 rebel group in the east of the country, The U.S. government has responded enthusiastically with a flurry of negotiations aimed at ending a decades-long conflict born out of the Rwandan genocide of 1994. The political momentum is building towards a potential peace deal between Congo and Rwanda as soon as May, to be accompanied by bilateral minerals deals between both countries and the United States. At stake are the mineral riches of North and South Kivu provinces, a major but highly problematic source of metals such as tin, tungsten and coltan. Saving the Bisie tin mine The M23 rebels seized control of Goma and Bukavu, eastern Congo's two largest cities, in February. By early March, they had advanced rapidly westwards to Walikale, the location of the Bisie tin mine. Bisie is a poster child for ethical mining in the Congo, having transitioned from an artisanal site to a fully-modernised operation that is the world's fourth largest producer of tin concentrates. Bisie's operator, Alphamin Resources, quickly shut down and evacuated the site as M23 rebels closed in, sending tin prices into a frenzy and threatening the Congolese government with the loss of a major source of revenue. The fall of Walikale seems to have accelerated direct talks between the U.S. government, Congo and Rwanda, resulting in M23 fighters withdrawing in what they presented as a goodwill gesture ahead of Qatar-brokered peace talks. Alphamin resumed operations at Bisie on April 15. Armed riches Bisie is the only official-sector mine in North and South Kivu provinces. Everything else is artisanal. Researchers from The International Peace Information Service have mapped over 2,800 sites in eastern Congo since 2009 and collected information from 829 active sites that it estimated employed some 132,000 miners between 2021 and 2023. Of the sites surveyed, 85% were mining gold and most of the rest digging for the 3T minerals - tin, tungsten and tantalum, the latter occurring as coltan ore. The IPIS estimates that 61% of miners at these sites were affected by "armed interference", defined as coercive rent-taking, from one of the many armed groups operating in the region, not least the Congolese army. This has been a problem for many years. Indeed, Congo was the template for what became known as "conflict minerals" legislation such as the 2010 Dodds-Frank Act requiring U.S. companies to adhere to responsible sourcing rules. Sadly, not much has changed on the ground. The M23 rebels themselves are involved in the minerals trade. Artisanal producers of coltan in the town of Rubaya pay a 15% tax to the group, Reuters journalists found on a visit to rebel-controlled areas. The seepage of metals across Congo's eastern borders is a major problem, not just for the Congolese government, but also for Western buyers due to the threat of conflict minerals contaminating the official supply chain. The great railway game Congo's minerals wealth is undisputed and its potential rewards far more immediate than from the deal with Ukraine. A peace deal between Rwanda, Congo and the M23 rebel group would be an important first step to restoring order to the troubled Kivu provinces. But there are plenty of other armed groups actively operating in the region and it is unclear how far the United States would want to commit to any military presence to deter them. The prize, however, is tantalisingly large. Congo is also one of the world's richest sources of copper and cobalt, which are produced far away from the Great Lakes region in the southern province of Katanga. This part of Congo's mineral wealth is largely controlled by Chinese operators, which ship both raw materials and finished metal back to China. The West would love to loosen China's grip. A lot of investment is going into the Lobito Corridor project, which will rehabilitate and extend a railway line linking the Angolan port of Lobito with Congo's copper-belt mines. The aim is to use the railway as a generator of economic development and also open up a western transport route for Congo's metals. China's response is a $1.4 billion deal to upgrade the Tanzania-Zambia railway line that transports Chinese-produced metals eastwards to the port of Dar es Salaam. Railways have until now defined the great minerals game being played out between East and West in the heart of Africa. A minerals-for-security deal in the north of the country would open a whole new front in that strategic competition and a new chapter in Congo's history. The opinions expressed here are those of the author, a columnist for Reuters. (Editing by Barbara Lewis)
Hindustan Times
06-05-2025
- Business
- Hindustan Times
After Ukraine deal, US turns its critical minerals gaze to Africa: Andy Home
By Andy Home After Ukraine deal, US turns its critical minerals gaze to Africa: Andy Home LONDON, - Away from the headlines around the minerals deal with Ukraine, the United States has pursued a potentially even more significant critical metals deal in the Great Lakes region of Africa. The government of the Democratic Republic of Congo reached out to the Donald Trump administration with a Ukrainian-style proposal in February in response to the rapid advance of the Rwandan-backed M23 rebel group in the east of the country, The U.S. government has responded enthusiastically with a flurry of negotiations aimed at ending a decades-long conflict born out of the Rwandan genocide of 1994. The political momentum is building towards a potential peace deal between Congo and Rwanda as soon as May, to be accompanied by bilateral minerals deals between both countries and the United States. At stake are the mineral riches of North and South Kivu provinces, a major but highly problematic source of metals such as tin, tungsten and coltan. SAVING THE BISIE TIN MINE The M23 rebels seized control of Goma and Bukavu, eastern Congo's two largest cities, in February. By early March, they had advanced rapidly westwards to Walikale, the location of the Bisie tin mine. Bisie is a poster child for ethical mining in the Congo, having transitioned from an artisanal site to a fully-modernised operation that is the world's fourth largest producer of tin concentrates. Bisie's operator, Alphamin Resources, quickly shut down and evacuated the site as M23 rebels closed in, sending tin prices into a frenzy and threatening the Congolese government with the loss of a major source of revenue. The fall of Walikale seems to have accelerated direct talks between the U.S. government, Congo and Rwanda, resulting in M23 fighters withdrawing in what they presented as a goodwill gesture ahead of Qatar-brokered peace talks. Alphamin resumed operations at Bisie on April 15. ARMED RICHES Bisie is the only official-sector mine in North and South Kivu provinces. Everything else is artisanal. Researchers from The International Peace Information Service have mapped over 2,800 sites in eastern Congo since 2009 and collected information from 829 active sites that it estimated employed some 132,000 miners between 2021 and 2023. Of the sites surveyed, 85% were mining gold and most of the rest digging for the 3T minerals - tin, tungsten and tantalum, the latter occurring as coltan ore. The IPIS estimates that 61% of miners at these sites were affected by "armed interference", defined as coercive rent-taking, from one of the many armed groups operating in the region, not least the Congolese army. This has been a problem for many years. Indeed, Congo was the template for what became known as "conflict minerals" legislation such as the 2010 Dodds-Frank Act requiring U.S. companies to adhere to responsible sourcing rules. Sadly, not much has changed on the ground. The M23 rebels themselves are involved in the minerals trade. Artisanal producers of coltan in the town of Rubaya pay a 15% tax to the group, Reuters journalists found on a visit to rebel-controlled areas. The seepage of metals across Congo's eastern borders is a major problem, not just for the Congolese government, but also for Western buyers due to the threat of conflict minerals contaminating the official supply chain. THE GREAT RAILWAY GAME Congo's minerals wealth is undisputed and its potential rewards far more immediate than from the deal with Ukraine. A peace deal between Rwanda, Congo and the M23 rebel group would be an important first step to restoring order to the troubled Kivu provinces. But there are plenty of other armed groups actively operating in the region and it is unclear how far the United States would want to commit to any military presence to deter them. The prize, however, is tantalisingly large. Congo is also one of the world's richest sources of copper and cobalt, which are produced far away from the Great Lakes region in the southern province of Katanga. This part of Congo's mineral wealth is largely controlled by Chinese operators, which ship both raw materials and finished metal back to China. The West would love to loosen China's grip. A lot of investment is going into the Lobito Corridor project, which will rehabilitate and extend a railway line linking the Angolan port of Lobito with Congo's copper-belt mines. The aim is to use the railway as a generator of economic development and also open up a western transport route for Congo's metals. China's response is a $1.4 billion deal to upgrade the Tanzania-Zambia railway line that transports Chinese-produced metals eastwards to the port of Dar es Salaam. Railways have until now defined the great minerals game being played out between East and West in the heart of Africa. A minerals-for-security deal in the north of the country would open a whole new front in that strategic competition and a new chapter in Congo's history. The opinions expressed here are those of the author, a columnist for Reuters. This article was generated from an automated news agency feed without modifications to text.
