Abu Dhabi's IRH Buys Majority Stake In Alphamin's Tin Operations In $366 Million Deal

Abu Dhabi's state-backed International Resources Holding (IRH) has acquired a 56% stake in Alphamin Resources AFMJF for CA$503 million ($366 million) from private equity firm Denham Capital. The transaction gives IRH control over one of the world's highest-grade tin mines, the Bisie complex in the Democratic Republic of Congo (DRC).

Bisie currently supplies around 6% of global tin output and has a strong growth profile. Alphamin produced 17,000 tons of tin in 2023 and plans to increase to over 20,000 tons annually.

Tin's importance is rising, driven by its role in soldering for electronics, semiconductors, and renewable energy systems. Demand is forecast to grow more than 20% by 2035, reaching 450,000 tons.

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Yet new supply remains scarce, as Crux Investor reported that the International Tin Association expects a structural deficit of 13,000 tons by 2030.

According to Bloomberg, IRH described the acquisition as a key step in building a global industrial metals portfolio, adding that it is "one of the world's largest and highest-grade tin producers." With supply risks rising across Asia, Bisie provides IRH with a foothold in a market increasingly shaped by the security of supply and geopolitical access.

The DRC, however, remains a volatile jurisdiction. Alphamin temporarily halted operations earlier this year when M23 rebels, allegedly backed by Rwanda, advanced toward the mine and seized nearby Walikale.

Exports were suspended, and concerns spread among U.S. and Congolese officials, who had been in talks over securing access to strategic minerals in exchange for political support – a deal that is expected to materialize later this month.

Operations resumed in April, and Congolese leaders signed a declaration of principles in Washington, though risks remain elevated.

For IRH, Bisie offers both opportunity and exposure. Tin supply chains are under pressure. Indonesia, one of the world's largest exporters, has hinted at restricting raw exports to force downstream processing. Meanwhile, civil unrest in Myanmar has disrupted concentrate shipments to China, driving down Shanghai tin inventories from over 20,000 tons to around 6,000 and making the country a net importer of refined tin.

With this investment, IRH expanded its operations in the region, as it acquired a $1.1 billion Mopani copper mine in Zambia last year. Despite the DRC's status as one of the most promising mining jurisdictions in the world, achieving its full potential will likely depend more on diplomacy than engineering in the near future.

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