TIN REVIVAL
SA’s influence felt in start of African tin mine
Two global events have led to development of a long-dormant deposit at Bisie — in thick forest in the war-torn corner of the Democratic Republic of Congo — in what will become Africa’s only formal tin mining operation. SA’s last two tin mines, Rooiberg and Zaaiplaats, closed in the 1990s because of age and low tin prices. But after the recent surge in tin prices to about $20,800 a tonne from $13,350 a tonne in January 2016, other companies are also looking at previously unviable deposits. Bisie, about 200km from Goma in North Kivu, was overrun by rebel groups who fled Rwanda in the aftermath of the 1994 genocide. Alphamin Bisie Mining (ABM) is 80.75%-owned by Toronto-listed Alphamin Resources, 14.25% by SA’s Industrial Development Corporation (IDC) and 5% by the Congolese government. Alphamin Resources is chaired by former Metorex CEO Charles Needham and its major shareholder is Tremont Master Holdings, an investment vehicle of Denham Capital. Denham Capital is advised by South Afri...
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