Alphamin Suspends Bisie Mine Operations Amid Rising Security Threats in DRC
Alphamin Resources has suspended operations at its Bisie tin mine in the DRC due to insurgent advances. The company is evacuating non-essential personnel to ensure safety while monitoring the situation for possible resumption of operations. Shares fell 20% amidst the ongoing conflict, but future peace talks offer a glimmer of hope.
Alphamin Resources has halted operations at its Bisie tin mine in the Democratic Republic of Congo due to advances by insurgent military groups threatening the site. The company reported that these militant groups progressed westward towards the mine following the occupation of Nyabiondo on March 9, and subsequently Kashebere on March 12, both locations situated northwest of Goma.
As a precaution, Alphamin is evacuating all non-essential personnel while retaining key staff necessary to maintain mine security and care. The company emphasized the importance of safeguarding its employees and contractors, stating that their safety is currently not guaranteed.
Following these developments, Alphamin shares experienced a significant decline of 20%, compounding a total six-month drop of 41%. The ongoing conflict has led to considerable casualties and mass displacements, with the United Nations reporting heavy fighting between the Congolese armed forces and the M23 rebel coalition since late January.
Alphamin expressed hope for peace talks scheduled in Angola on March 18, indicating that the company is taking steps to secure US diplomatic intervention due to its majority ownership by the US government. Alphamin is actively monitoring the situation to determine when it can safely reinstate personnel and recommence mining operations.
Moreover, the company is evaluating the implications of this temporary suspension on its Bisie operations and announced a postponement of its financial results originally set for March 14. Nonetheless, it does not foresee significant delays in its filings. Prior to the conflict, the mine was on track for its second consecutive year of record tin production, targeting 20,000 tons for the current year due to ongoing processing advancements.
In summary, Alphamin Resources has suspended mining activities at its Bisie tin mine in response to escalating security threats from insurgent groups. The decision prioritizes the safety of personnel and aligns with the company’s monitoring of conflict resolution efforts. Although facing financial reporting challenges and a drop in stock value, the company remains optimistic about future operational capabilities and peace negotiations.
Original Source: www.miningmx.com
