A significant contributor to the global tin supply has been sold by a US firm to a company linked to a member of the United Arab Emirates (UAE) government.
Alphamin Resources, a company based in Canada that manages the Bisie tin mine in the Democratic Republic of Congo (DRC), revealed this week that its majority shareholder, Tremont Master Holdings (a subsidiary of Denham Capital, based in the US), transferred a 56% interest in the mine to International Resources Holding (IRH), a UAE company, for $367 million.
IRH is owned by a conglomerate led by Sheikh Tahnoon bin Zayed al-Nahyan, the national security advisor of the UAE, who is also the brother of the UAE president and one of Abu Dhabi’s influential royals. The company stated that this purchase aims to enhance its position in the global industrial metals market.
The Bisie mine accounts for roughly 6% of the world’s tin production, a metal crucial for various applications, including solder, catalysts for polymers, PVC stabilizers, tinplate for food and beverage containers, bronze, and lead-acid batteries. Numerous governments categorize tin as a “critical mineral,” as it is used in the production of anodes for lithium-ion batteries and in thermoelectric materials like tin selenide. Additionally, liquid tin is utilized in the production of blue hydrogen and serves as an electrode in fuel cells. It can also act as a catalyst in carbon capture processes. Last year, the Bisie mine, located in North Kivu province, generated over 17,000 tons of tin, regarded as some of the highest quality worldwide.
According to reports, the DRC had proposed a minerals-for-security agreement to the US government, which saw a positive response from the Trump administration that considered billions of dollars in investments for this conflict-affected nation. Discussions took place in April between US and DRC officials in Kinshasa, shortly after the Bisie mine was temporarily closed due to an armed militia, believed to be supported by the Rwandan government, taking control of the nearby town of Walikale. The armed group retreated following these talks, allowing Bisie to resume operations. Following a spike in global tin prices due to the mine’s closure, prices dropped by 8.3% once it reopened, according to reports.
China, Myanmar, and Indonesia currently dominate global tin production, collectively accounting for approximately two-thirds of overall output. Ali Alrashdi, CEO of IRH, stated, “Alphamin’s robust production capabilities align with our strategy to acquire high-quality mining assets with significant long-term growth potential.”
Rob Still, chairman of Tremont Master Holdings, commented, “After a 12-year tenure in exploring, evaluating, and ultimately developing and operating the Bisie mine, we are delighted to pass our ownership shares to another long-term investor who aligns with our vision for the project and commitment to the region.”