Business
Alphamin Resources Exceeds Fourth Quarter Guidance and Achieves Record Production/ Provides Update on Growth Initiatives
GRAND BAIE, Mauritius, Jan. 11, 2021 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX, “Alphamin” or the “Company”), a producer of 4% of the
About this update from Alphamin Resources Corp.
[{"type":"text","content":" GRAND BAIE, Mauritius, Jan. 11, 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, is pleased to provide the following operational update for the quarter ended December 2020: Record tin production of 2,898 tons, up 13% from the previous quarter Commencement of drilling campaign at the adjacent Mpama South deposit Fine tin recovery plant construction 70% complete Abnormal seasonal rains resulted in logistical constraints which negatively impacted quarterly sales volumes (down 14% from the previous quarter) Production and Sales Summary for the Quarter ended December 20202 Description Units Actual QuarterendedDecember2020 QuarterendedSeptember2020 Variance Tons Processed Tons 93,560 96,086 -3% Tin Grade Processed % Sn 4.2 3.8 10% Overall Plant Recovery % 74 71 4% Contained Tin Produced Tons 2,898 2,563 13% Contained Tin Sold Tons 2,306 2,695 -14% _____________1 Data 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 Performance Tin production increased 13% to a quarterly record of 2,898 tons and was higher than our previous market guidance of 2,600 to 2,800 tons. This outperformance was due to better than expected tin feed grades and plant recoveries. The processing plant performed at an average recovery of 74% for the quarter, including a record recovery of 77% achieved in December 2020. Quarterly sales decreased by 14% due to extreme seasonal rains impacting export road conditions. Weather stations across the export route reported rainfall above 159% of the long-term mean. The short dry-season (Jan-March) allows road maintenance to be done and already road conditions are improving, and we expect to recoup the majority of the quarter’s sales shortfall during Q1 2021. The LME tin price has increased from approximately US$18,500/t during Q4 2020 to a current level of ~US$21,000/t, which bodes well for the Company’s 2021 earnings. The Bisie tin mine recorded zero lost-time injuries during the past quarter. Alphamin’s audited consolidated financial statements and accompany...