Alphamin Resources (AFM:TSXV, APH:JSE) said today its contained tin production of 2,412 tons was 11% below guidance (2,700 tons), impacted by a low feed grade of 3.2% Sn compared to 3.8% Sn the previous quarter.
The company said it produces 4% of the world’s mined from its operation in the Democratic Republic of Congo.
“The month of June 2021 saw lower than expected grades from underground. The variable nature of tin mineralisation in the orebody may cause large fluctuations in delivered grade – as a mitigating tool we will increase planned waste development for the remainder of the year in order to provide more mining flexibility for blending high- and low-grade areas,” wrote the company.
The company forecast Q2 EBITDA guidance of $34m, at a tin price of $28,326/t versus current of $31,800/t.
Net Debt was reduced to $29.9m.