UAE-based International Resources Holding (IRH) has agreed to acquire a controlling 56% stake in Alphamin Resources, a major tin producer, for C$503 million ($367 million).
This move, announced Wednesday, expands IRH’s presence in African mining.
IRH, a unit of International Holding Co, is purchasing the stake from Tremont Master Holdings at C$0.70 per share.
Alphamin owns the Bisie tin mine in the Democratic Republic of Congo’s mineral-rich eastern region, which accounts for about 6% of global tin supplies annually.
IRH CEO Ali Alrashdi stated Alphamin’s production profile aligns with their strategy of securing high-quality mining assets.
Last year, IRH bought a 51% stake in Zambia’s Mopani Copper Mines for $1.1 billion, and has since sought critical mineral deals in Zambia and Congo.
Major oil producers like the UAE and Saudi Arabia are diversifying income and securing critical metal supplies from Africa and Latin America to capitalize on the green energy transition.
Tin is vital for electronics, renewable energy, and semiconductors.
Earlier this year, Alphamin temporarily halted mining at Bisie due to advances by Rwanda-backed M23 rebels near the mine.
