04 Nov Bisie tin project heads into the home straight
Alphamin Resources, which has its primary listing on the Toronto Venture Exchange and a secondary listing on the JSE’s AltX, is making good progress on its Bisie tin project in the DRC, with construction 88 % complete as of late November 2018. Commissioning is expected in the first half of 2019 with steady-state production being achieved towards the end of the year.
Located approximately 180 km northwest of Goma, the provincial capital of North Kivu Province, Bisie is 60 km from the town of Walikale and 32 km from the national route linking Walikale with Kisangani. North Kivu has no mining sector to speak of and Bisie will be the first commercial scale mine in the province.
The mine is expected to produce on average 9 642 tonnes of tin per annum over an initial 12,5 year life of mine, at a cash cost of US$8 837 per tonne of tin produced and US$10 359 per tonne tin sold after duties, royalties, levies and marketing fees, generating an average EBITDA of approximately US$110 million per annum. Bisie, which has a capex of approximately US$160 million, has the highest grade of contained tin of any tin mine in the world and the second largest resource size (although drilling stopped before the full resource size was determined).
In its report on the three months and nine months ended 30 September 2018, Alphamin says the project – for which DRA is the EPCM contractor – had recorded 1,77 million hours worked by 898 project employees with no lost time injuries reported through to late November. The focus during the quarter was on Total Safety Culture training and fire-fighting training.
Publication: Modern Mining, December 2018