Maritz Smith is the new person running Alphamin Resources which has developed the Bisie tin mine in the North Kivu region of the DRC. He was appointed to replace Boris Kamstra in August last year. Kamstra stepped down “with immediate effect” after presiding over the three-year construction of Bisie to steady-state production. Kamstra’s departure was rather sudden and does leave one wondering what really happened there. In any event, Kamstra is staying on as executive director at Alphamin responsible for – amongst other things – investor relations where some energy is certainly needed. The share, listed on the JSE’s AltX market and Toronto’s TSV-X bourse – has performed poorly, partly because it has limited free float, but also because Bisie’s construction has not been plain sailing. There was a collapse of a bridge in October on the main provincial road used for exporting all concentrate and importing major consumables. That interruption will impact Bisie’s revenue and cash flows. The bridge collapse followed a drop in tin prices earlier in the year and a delay in plant commissioning which affected the debt repayment schedule. Then there’s the spreading Ebola epidemic in the DRC which has reached South Kivu and the city of Goma although there have been no cases reported near Bisie itself as yet.
"Maritz is well suited to guide Alphamin through its next phase of operations and corporate objectives."
Life of Maritz Smith
Smith is a chartered accountant holding a BCom Honours degree. He joined the mining industry 18 years ago as a financial controller in the former Metorex group. He became a member of the Metorex executive committee and was appointed CFO before resigning to become COO at Pangea – mining entrepreneur Rob Still’s operating company. He was appointed CEO at Pangea before taking up his latest position with Alphamin.