16 Nov Sprott, Barak, Tremont Provide $80MM Credit Facility to Alphamin
The facility will be used to support the ABM Project, a construction project building the Bisie Tin Mine in the North Kivu Province of the Democratic Republic of the Congo. The mine is expected to begin production in early 2019 with steady state production expected towards the end of the same year.
“We are very pleased that Sprott and Barak have committed to partner with our existing major shareholder, Tremont, to provide the debt financing needed for the ABM project, as a step in drawing the fund-raising process towards a close and delivering on our commitment to stakeholders to bring the ABM project into production,” said Boris Kamstra, CEO of Alphamin.
To date, Alphamin secured more than 80% of the ABM Project financing, including a $13.7 million commitment from the Industrial Development Corporation of South Africa and an additional $24.7 million commitment from Tremont.
The ABM project is the manifestation of what conflict mineral legislation aimed to achieve, with a focus on responsible procurement. It is currently the largest local employer in the region.
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