AMN - DRC: Credit facility for Alphamin’s Bisie

Alphamin Resources Corp has secured a credit facility of US$80 million from a syndicate of lenders to assist with construction of the Bisie Tin Project in North Kivu Province of the Democratic Republic of the Congo. The project is expected to begin production in early 2019.

Steady state production is expected towards the end of 2019 and the operation is likely to become one of the most significant tin mines in the world.

A definitive credit agreement has been signed by Alphamin with Sprott Private Resource Lending, Barak Fund SPC Limited and Tremont Master Holdings in respect of the senior secured, non-revolving, term credit facility to be provided to Alphamin’s 80.75% subsidiary, Alphamin Bisie Mining (ABM), as borrower, for continued development of the project.

Alphamin has so far secured in excess of 80% of the remaining financing needed for the ABM project, which also includes a US$13.7 million commitment from the Industrial Development Corporation of South Africa Ltd, and US$24.7 million commitment from Tremont. As a result, Alphamin will now focus on raising the final US$31.4 million of equity to complete the project.

“We are very pleased that Sprott and Barak have committed to partner with our existing major shareholder, Tremont, to provide the debt financing needed for the ABM project, as a step in drawing the fund-raising process towards a close and delivering on our commitment to stakeholders to bring the ABM project into production,” said Alphamin CEO Boris Kamstra.

“The ABM project is advancing and our team has made excellent progress in the construction of the mine and associated infrastructure.

"The completion of the box cut for the underground portal of the mine is another key risk mitigating milestone for the project. We’ve also received commitments for the majority of the remaining equity funding requirement, so we are excited to move this forward with everyone involved.”

He said, “We believe that we have a world-class tin deposit that is managed by an experienced team and is supported by well capitalised investors who are astute industry specialists and the ABM project provides the ideal foundation to build a premier tin producer.”

www.alphaminresources.com