ALPHAMIN said security risks in Democratic Republic of Congo’s North Kivu province where it operates the Bisie tin mine remained elevated amid “an increased number of security events” in the region.
Commenting in its fourth quarter production numbers, in which the company also disclosed improved Ebitda for 2025, Alphamin said the events took place on the border between the country’s Massisi and Walikale territories.
Congolese soldiers and a pro-Government militia are contesting the area with M23, a rebel group said to be funded by DRC neighbour Rwanda – which it denies.
Even though Bisie was 200km from the affected region, Alphamin said the operating risk profile “remains elevated and a sustained advance closer to the mine location could result in mining operations being affected”. In March last year, Alphamin suspended operations at Bisie as warring forces edged closer to the mine property. Bisie was only reopened, and in a phased manner, from April 15.
Reuters said on January 19 Congolese soldiers and combatants from a pro-government militia and M23 were duelling over the eastern town of Uvira. This comes just over a month after it fell to M23 in a blow to peace efforts mediated by the Trump administration.
There have been many attempts to restore peace in the Congo. The US has hosted talks between Congo and Rwanda, while Qatar has also convened discussions involving the Congo and M23. In another meeting in Togo, African leaders reaffirmed their support for the Qatar talks and called for them to resume without delay.
Despite these factors, Bisie continues to perform remarkably well. It produced 5,008 tons of contained tin in the December quarter, 4% lower than in the September quarter, but nonetheless contributing towards a seven percent improvement year-on-year of some 18,576 tons. Coupled with a higher tin price, up 13% year-on-year, Ebitda for the 12 months came in at $341m – an improvement of 25% over the 2024 financial year.
The firm ended with $50m in net cash as of December 31 compared to $30m at the corresponding period in the 2024 financial year.
The price of tin averaged $34,388 per ton for 2025, 13% higher than 2024’s average of $30,345/t. Promisingly, amid a sector-wide scramble for critical minerals, the metal is more recently attracting prices of $48,000/t, Alphamin said.
Tin was a standout performer in the first two weeks of January, gaining 11% as part of a shift towards all metals underpinned by so-called debasement trade, said Bloomberg News in a recent article.
“The current tin price and continued steady production bode well for increased cash flow generation and the potential for higher dividends to shareholders,” said Alphamin. Shares in the company are 22% higher over the last year.
Alphamin also announced that its CEO of six years Maritz Smith would step down. Smith would be replaced by Eoin O’Driscoll, the group’s CFO. The management changes are effective from March 1, the company said.
