International Resources Holding (IRH), a UAE-based investment group, is in discussions to acquire an indirect stake in Alphamin Resources, according to sources familiar with the matter, as reported by Bloomberg.
Alphamin, one of the world’s leading tin producers, operates the high-grade Bisie tin complex in the Democratic Republic of Congo (DRC). Denham Capital, a private equity firm that holds 57% of Alphamin, is reportedly considering creating a new investment vehicle to manage its stake. This move has attracted interest from multiple parties, including IRH, which is actively engaged in negotiations.
IRH representatives recently visited the Bisie mining site, signaling a serious interest in the deal. However, discussions are still ongoing and no final agreement has been reached.
IRH is part of the International Holding Company, which is controlled by Sheikh Tahnoon bin Zayed Al Nahyan, a key figure in the UAE’s investment sector. While IRH has not publicly commented on the negotiations, the company’s involvement in global mining investments has been growing. In March, IRH expanded its mining portfolio by acquiring the Mopani copper complex in Zambia.
Despite Alphamin’s status as one of the top tin producers, the company faces challenges operating in the conflict-prone North Kivu province. However, the company has been performing strongly, processing 229,107 tonnes of ore in the third quarter of 2024, a 37% increase from the previous quarter. Alphamin reported a significant jump in earnings, with EBITDA rising 69% compared to Q2 2024, reaching $91.6 million.
Alphamin’s Bisie mine currently produces about 7% of the world’s tin supply, and the company’s exclusive off-take agreement with Gerald Metals for tin concentrate runs until 2028.
Denham Capital, which holds a significant stake in Alphamin, has attracted substantial interest in the Bisie project from various investors. However, Alphamin itself has yet to comment on the ongoing negotiations.
IRH’s potential acquisition of a stake in the Bisie mine could further bolster its growing influence in the global mining sector.
