Business
Alphamin Resources Announces Record Quarterly Tin Production / Q2 2022 EBITDA of US$67M / Dividend Declared
GRAND BAIE, MAURITIUS, July 26, 2022 (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, July 26, 2022 (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, is pleased to provide the following operational update for the quarter ended June 2022: Record quarterly tin production of 3,180 tonnes Q2 EBITDA3 of US$67m Interim dividend for FY2022 of CAD$0.03 per share declared on 5 July 2022 Operational and Financial Summary for the Quarter ended June 20222 Description Units Actual Quarter ended June 2022 Quarter ended March 2022 Change Ore Processed Tonnes 112,569 105,565 7 % Tin Grade Processed % Sn 3.65 3.73 -2 % Overall Plant Recovery % 77.3 77.7 -1 % Contained Tin Produced Tonnes 3,180 3,061 4 % Contained Tin Sold Tonnes 3,229 3,336 -3 % EBITDA3 US$'000 67,004 98,104 -32 % AISC3 US$/t sold 14,677 15,782 -7 % Net Cash3 (Cash less debt) US$'000 138,146 129,775 6 % Tin Price Achieved US$/t 35,345 43,834 -19 % 1Data obtained from International Tin Association Tin Industry Review Update 2021 2Production information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates. Totals may not add due to rounding effects. 3This is not a standardized financial measure and may not be comparable to similar financial measures of other issuers.See “Use of Non-IFRS Financial Measures” below for the composition and calculation of this financial measure. Operational and Financial Performance – Q2 2022 Contained tin production of 3,180 tonnes represents a quarterly record, 4% above the previous quarter. Underground mining and processing plant recoveries were in line with expectations. Year-to-date contained tin production of 6,241 tonnes exceeded the run-rate to achieve market guidance of 12,000 tonnes for the year ending December 2022. We expect contained tin production and sales of approximately 3,000 tonnes for the quarter ending September 2022. AISC per tonne of tin sold decreased by 7% to US$14,677 following a 4% increase in production and the impact of lower tin prices on off-mine costs related to product marketing fees, royalties, export duties and smelter payables. EBITDA for Q2 2022 amounted to US$67m (Q1: US$98m) at an average achieved tin price of US$35,345/t (Q1: US$43,8...