Alphamin Resources Shares Drop Amid Goma Conflict in DRC
Alphamin Resources’ stock dropped by 9.4%, its steepest decline in nine years, after Rwanda-backed rebels seized Goma, the capital of North Kivu province in the DRC, where the company’s tin mines are located. Earlier, shares had plunged by as much as a third before recovering.
M23 rebels, having advanced rapidly, now patrol Goma, a key trading hub for DRC mineral exports to Rwanda. However, Alphamin’s tin, sourced from mines located about 120 miles west of the city, is sent northeast to Uganda, not through Goma.
CEO Maritz Smith declined to comment on the situation.
The ongoing conflict in eastern Congo, which has persisted for over three decades, continues to impact investment in Alphamin, listed in both Toronto and Johannesburg.
The company, which began operations in 2019, produced a record 17,324 tons of tin last year and plans to increase output to 20,000 tons, representing 6%-7% of global production.
