Business
Alphamin Resources Announces Record Q3 2021 EBITDA of US$53,7m and a Net Debt-Free Position/Initiation of Strategic Review
GRAND BAIE, Mauritius, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX) (“Alphamin” or the “Company”), a producer of 4% of th
About this update from Alphamin Resources Corp.
[{"type":"text","content":" GRAND BAIE, Mauritius, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX) (“Alphamin” or the “Company”), a producer of 4% of the world’s mined tin1 from its high grade operation in the Democratic Republic of Congo, has released its unaudited consolidated financial statements and accompanying Management’s Discussion and Analysis for the quarter ended September 2021: Record Q3 EBITDA of US$53,7m, up 58% from prior quarter Contained tin production up 17% from the prior quarter to 2,832 tons Net debt-free at 30 September 2021 (Net debt 30 June 2021: US$29,5m) Initiates strategic review to maximize shareholder value Operational and Financial Summary for the Quarter ended September 20212 Description Units Actual QuarterendedSeptember2021 QuarterendedJune2021 Change Tons Processed Tons 108,901 105,294 3% Tin Grade Processed % Sn 3.5 3.2 8% Overall Plant Recovery % 75.2 71.5 5% Contained Tin Produced Tons 2,832 2,412 17% Contained Tin Sold Tons 2,710 2,404 13% EBITDA US$'000 53,715 34,077 58% Net Cash / (Net Debt) US$'000 1,036 (29,506) -104% Tin Price Achieved US$/t 33,704 28,308 20% AISC US$/t 14,765 15,112 -2% _______________________1Data obtained from International Tin Association Tin Industry Review 2020 2 Production information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates. Operational and Financial Performance Contained tin production of 2,832 tons is 17% above the previous quarter. Underground mining practices relating to stope planning, delineation and blasting were significantly improved from mid July 2021. This resulted in an average tin grade of 3,8% processed during August and September 2021 with an average of 3,5% for the quarter. In addition to improved grade control, run-of-mine volumes and waste development increased by 5% quarter-on-quarter. The benefit of the newly commissioned Fine Tin Plant increased overall processing recoveries by 5% to 75%. Record EBITDA of US$53,7m for Q3 2021 is 58% higher than the previous quarter as a result of increased tin production and sales volumes, together with a higher tin price of US$33,704/t (Current tin price: ~US$37,000/t). AISC per ton of contained tin sold decreased 2%...