Abu Dhabi’s IRH Eyes Stake in Alphamin Tin Operations
Abu Dhabi’s International Resources Holding (IRH) is exploring an indirect stake in Alphamin, a Toronto- and Johannesburg-listed tin miner, according to a report by Bloomberg News. This potential investment would further expand IRH’s growing portfolio of mining interests.
Alphamin’s majority shareholder, Denham Capital, which holds 57% of the company, is reportedly considering transferring its stake into an investment vehicle that could involve IRH.
Alphamin operates the Bisie tin mine in the Democratic Republic of Congo, which is undergoing an expansion to produce approximately 20,000 tons of tin annually—accounting for about 6% to 7% of global production.
A delegation from IRH recently visited the Bisie mine, signaling serious interest, though no deal is imminent, and discussions may not lead to a finalized investment, according to sources familiar with the matter.
Alphamin, valued at C$1.5 billion ($1 billion), distributed $115.5 million in dividends over 2022 and 2023. The company has become a key player in global tin production, bolstered by increasing demand for the metal, which is crucial for electronics soldering and renewable energy technologies.
Tin prices have risen 14% this year, reaching approximately $29,000 per ton, with annual demand projected to exceed 450,000 tons by 2035, according to Bloomberg News.
IRH, a subsidiary of International Holding Company (IHC) controlled by UAE National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan, recently signed a partnership with South Africa’s Public Investment Corporation for joint investments in South Africa. The firm gained prominence in Africa after outbidding Sibanye-Stillwater for Zambia’s Mopani Copper Mines.
Denham Capital, Alphamin’s largest shareholder for over a decade, is exploring ways to continue its investment in Bisie through new partnerships. “We’ve received considerable interest from several parties, but no definitive arrangements have been made,” said Rob Still, a partner at Denham Capital.
This move underscores the rising global interest in critical minerals like tin, essential for advancing clean energy and technology industries.
