Strong tin prices bolster Alphamin’s first-quarter earnings
Tin miner Alphamin Resources, which owns assets in the Democratic Republic of Congo (DRC), achieved record earnings before interest, taxes, depreciation and amortisation (Ebitda) of $158-million for the three months ended March 31, the first quarter of its 2026 financial year.
The 46% quarter-on-quarter increase in Ebitda was attributable to a 30% increase in the tin price, from an average of $37 995/t in the previous quarter to an average of $49 278/t in the period under review.
Contained tin production of 5 026 t for the quarter was in line with the target guidance of 20 000 t/y and that of the previous period.
Tin sales of 5 016 t were achieved, compared with the 5 045 t sold in the previous quarter, with improved road conditions and a strong tin price resulting in a net cash increase of $128-million.
The company declared a final full year 2025 cash dividend of C$0.13 apiece.
All-in sustaining costs was $17 968/t sold, up 7% from the previous quarter, largely owing to increased royalties, export duties, marketing commissions and net smelter returns, which are calculated with reference to the higher tin price.
Increased fuel prices did not affect the period, but are expected in the second quarter, with additional fuel being sourced at premiums in the range of 25% to 35% since early March.
The company has about 45 days of diesel at site with a further 60 days consumption in the DRC in transit to site.
Alphamin says that the security situation in the North Kivu province of the DRC has remained relatively stable since October 2025.
The company’s mine is located in a remote area about 200 km away from these events and, at this time. the company continues to operate within guidance parameters.
As a result of the ongoing security risks in the area, the operating risk profile remains elevated and a sustained advance closer to the mine location could result in mining operations being affected, the company points out.
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