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Abu Dhabi’s IRH acquires majority stake in Congo tin miner: State-owned International Holding Company’s mining investment arm International Resources Holding (IRH) entered into a definitive agreement to buy a 56% stake in Alphamin Resources, one of the world’s largest tin producers, according to a press release. The transaction will see IRH purchasing 719 mn shares for a total of USD 367 mn.
Who’s involved? The agreement transfers control of the stake to IRH from Mauritius-based Tremont Master Holdings, a subsidiary of US private equity firm Denham Capital and Alphamin’s majority shareholder, which will retain a 0.8% stake. Alphamin is Mauritius domiciled, and listed on both Toronto’s TSX Venture Exchange and the Johannesburg Stock Exchange.
Behind the acquisition: Alphamin owns the Bisie tin mine operation in the Congo — one of the world’s largest tin mines, according to Bloomberg. It produced over 17k tons of tin in 2024, representing 6% of global supply, according to Reuters, and is planning on expanding its capacity to upwards of 20k tons. Demand for tin is on the rise as it is a key component used for renewable energy tech, EVs and electronics like semiconductors. Operations halted temporarily in March following Rwandan-backed rebel group activity near the site; however, the US pushed for an agreement to restart operations in April, Reuters reported.
Background: IRH engaged in discussions last year to acquire an indirect interest in Alphamin Resources. It was reported that IRH might invest in a new entity that majority shareholder Denham Capital would establish to hold the stake.
REMEMBER- IRH is doubling down on securing critical minerals supplies, having acquired a 51% stake in Zambia’s Mopani Copper Mines for USD 1.1 bn in 2024. It also inked joint venture agreements for iron mining in Angola, and was in advanced discussions to mine nickel in Burundi, along with metals in Tanzania and Kenya. It is also eyeing a majority stake in Zambia’s Lubambe Copper Mine.
IN OTHER M&A NEWS-
EU regulators suspended their review of Abu Dhabi National Oil Company's (Adnoc) EUR 14.7 bn acquisition of German chemicals firm Covestro, pending additional information from the two companies, Reuters reports. The transaction which was approved under EU merger rules last month, is now being reviewed under the bloc's foreign subsidies regulation, which examines potentially unfair government support to companies.
