Abu Dhabi’s IRH Buys Controlling Stake in Alphamin Resources

The Abu Dhabi-based global mining company International Resources Holding (IRH), a subsidiary of UAE’s International Holding Company, said that it has agreed to buy a controlling 56% stake in Canadian-listed tin producer Alphamin Resources for $367 million.

Alphamin Resources said on Thursday that it has been advised by its majority shareholder, Tremont Master Holdings (TMH), that the latter has entered into an agreement for the sale of 719 million common shares of the company, representing approximately 56% of the outstanding common shares, to Abu Dhabi-based IRH for $367,001,749. The company was evaluating the impact of the announcement, if any.

Alphamin owns the Bisie tin mine located in the DR Congo’s mineral-rich eastern region. The mine is a significant player in global tin supply chains, producing approximately 6% of worldwide tin output annually. The Bisie resourced is also thought to contain other critical minerals including tantalum, tungsten, and coltan.

“Alphamin’s production profile aligns with our strategy of securing interests in high-quality mining assets,” said IRH CEO Ali Alrashdi.

The Alphamin acquisition follows IRH’s major investment last year in Zambia’s Mopani Copper Mines, where the company acquired a 51% stake for $1.1bn. Since that transaction, IRH has actively pursued additional deals focusing on critical minerals across Zambia and the Congo.

The strategy reflects a broader trend among GCC nations, including the UAE and Saudi Arabia, to diversify revenue streams and secure critical metal supplies from Africa and Latin America. These moves position the nations to capitalise on the global transition toward renewable energy technologies.

Tin Demand to Rise

Global demand for tin, used in solder for electronics, renewable energy and semiconductors, is projected to rise more than 20% to 450,000 tonnes by 2035. Bisie’s output is ramping up to meet that demand.

Since production began in 2019, Bisie has steadily increased output and the mine has produced more than 17,000 tonnes of tin in 2023, and Alphamin plans to boost that to over 20,000 tonnes per year.

According to Reuters, tin plays a crucial role in modern technology and the green energy transition, serving as an essential component in electronics manufacturing, renewable energy systems, and semiconductor production. The metal’s importance has grown as demand for sustainable technologies continues to surge globally.

The acquisition comes after Alphamin faced operational challenges earlier this year when Rwanda-backed M23 rebels advanced near the Bisie mine site, forcing a temporary halt to mining operations. The incident highlighted the security risks associated with mining operations in the volatile eastern Congo region.

Closing of the transaction is subject to certain closing conditions, including, among others, the receipt of all regulatory and internal corporate approvals.