Alphamin Resources has temporarily suspended mining at its Bisie tin mine in the DRC due to rebel advancements. The company is prioritizing employee safety, evacuating non-essential staff while hoping for peace talks. As a result, financial reporting has been delayed, yet production targets remain optimistic despite current unrest.
Alphamin Resources has halted operations at its Bisie tin mine in the Democratic Republic of Congo due to advancing insurgent groups. The militants recently moved westward, threatening the mine’s safety after taking over the town of Nyabiondo and subsequently Kashebere. In response, Alphamin is evacuating all non-essential staff to prioritize employee safety while keeping essential personnel for maintenance and security.
The company’s shares dropped 20%, reflecting a 41% loss over the past six months. According to the United Nations, ongoing conflict between Congolese armed forces and the M23 rebel group has resulted in significant fatalities and mass displacements since fighting resumed in late January. By mid-February, rebels expanded their control to Bukavu.
Despite these challenges, Alphamin expressed optimism regarding upcoming peace talks in Angola scheduled for March 18. The company appointed a US lobbying firm, emphasizing its need for diplomatic intervention concerning security threats. They are monitoring the situation closely, aiming to return personnel and resume mining operations when safe.
Alphamin is currently evaluating the impact of Bisie’s temporary shutdown, which has delayed the release of its financial results initially planned for March 14. However, it asserts that the delay will not significantly affect the filing timeline. The suspension occurs amid a backdrop of recent production successes at Bisie, with a significant increase in contained tin production and expectations for further growth as processing capacities are expanded to target 20,000 tons this year, representing about 6% to 7% of global production.
Alphamin Resources has suspended operations at its Bisie tin mine due to escalating rebel threats in the Democratic Republic of Congo. The safety of employees drives this decision, with non-essential staff evacuated. The company remains hopeful for peace talks while also preparing for potential operational resumption when safety is ensured. The temporary closure has delayed financial reporting, but it remains optimistic about its production targets for the year.
Original Source: www.miningmx.com
