Alphamin to resume Congo tin mine, shares rally

Alphamin Resources (AFM: TSXV) says it will resume operations at its flagship tin mine in the Democratic Republic of the Congo as security concerns eased with reports of the African nation closing in on a deal with the US. The company’s shares surged on the news.

Operations at the Bisie tin mine — one of the largest in the world — were halted last month after the M23 rebel paramilitary group advanced nearby, taking the strategic town of Walikale and openly threatening the mine.

In recent months, the M23 rebels — which are allegedly backed by the Rwanda government — have taken several key areas of eastern Congo, including Goma, an important logistical hub city for mining in the region.

Hoping to put an end to the decade-long conflict with the M23, DRC President Félix Tshisekedi proposed a minerals-for-security deal with the United States. Discussions are currently advancing, with Massad Boulos, US President Donald Trump’s senior adviser for Africa, having been to Kinshasa to lead the talks.

In a press release Wednesday, Vancouver-based Alphamin said the insurgents have now withdrawn eastward, and the company will initiate a phased resumption of operations at the Bisie tin mine while it continues to monitor the security situation.

According to sources cited by Reuters, the US government asked the rebels to withdraw 150 km from the mine during its negotiations with the DRC as well as Rwanda.

Located in the Walikale district of North Kivu province, the Bisie mine produced 17,300 tonnes of tin last year, representing around 6% of global mine supply. Production for the first quarter of 2025 was 4,270 tonnes, until its suspension.

Shares of Alphamin Resources soared 25% by midday Wednesday, for a market capitalization of C$934.4 million ($659 million).

Tin prices, meanwhile, slumped to two-month lows on news of the Bisie mine reopening.