Business
Alphamin Resources Reports Production and Sales Volumes for Q3 2020
GRAND BAIE, Mauritius, Oct. 14, 2020 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX, “Alphamin” or the “Company”) is pleased to provide th
About this update from Alphamin Resources Corp.
[{"type":"text","content":" GRAND BAIE, Mauritius, Oct. 14, 2020 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX, “Alphamin” or the “Company”) is pleased to provide the following production and sales update for the quarter ended September 2020: Tin sales up 3% to 2,695 tons versus previous quarter Expected EBITDA of US$16 million (previous quarter: US$12.9 million) Run-of-mine material processed up 5% versus previous quarter Q4 2020 production guidance of 2,600 - 2,800 tons contained tin Production and Sales Summary for the Quarter ended September 20201 Description Units Actual Quarter ended September 2020 Quarter ended June 2020 Variance Tons Processed Tons 96 086 91 928 5 % Tin Grade Processed % Sn 3.8 4.3 -12 % Overall Plant Recovery % 71 69 3 % Contained Tin Produced Tons 2 563 2 739 -6 % Contained Tin Sold Tons 2 695 2 613 3 % Run-of-mine volumes processed increased 5% to 96,086 tons. Underground mining performed well in delivering increased material for processing. Volumes mined and processed are in line with our current target of 96,000 tons per quarter. Our average tin grade was 12% lower than the previous quarter at 3.8% – importantly, the year-to-date average tin grade is 3.9%, which is in line with the target of 4.0% for the financial year ending December 2020. As a result of increased plant recoveries and throughput, the 12% lower tin grades processed only resulted in a 6% drop in tin production compared to the prior quarter. This is at the lower end of our previous production guidance range. Tin sales increased 3% to 2,695 tons for the quarter. The Bisie tin mine recorded zero lost-time injuries during the past quarter. EBITDA guidance for the quarter ended September 2020 Alphamin’s unaudited consolidated financial statements and accompanying Management’s Discussion and Analysis for the quarter ended September 2020 are expected to be released on or about 2 November 2020. The Q3 2020 average tin price achieved was US$17,436/t against a current tin price of approximately US$18,000/t. EBITDA of approximately US$16 million is expected, net of additional provisions required for concentrate grade adjustments based on smelter assays. The smelter assay results received during Q3 related to Q1 and Q2 sales. The independent operators of the mine site laboratory have subsequently changed their assay method (sinc...