Alphamin Resources (TSXV: AFM) says it will resume operations at its flagship tin mine in the Democratic Republic of Congo as security concerns ease with reports of the African nation closing in on a deal with the U.S. 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 group advanced nearby, taking the strategic town of Walikale and openly threatening the mine.
Shares of Alphamin Resources soared 28% to close at 77¢ apiece on Wednesday in Toronto for a market capitalization of $984.6 million. Tin prices, meanwhile, slumped to two-month lows on news of the Bisie mine reopening.
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.
Minerals for security
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 advancing, with Massad Boulos, U.S. President Donald Trump’s senior adviser for Africa, having been to Kinshasa to lead the talks.
In a news release Wednesday, Vancouver-based Alphamin said the insurgents have now withdrawn eastward, and the company will initiate a staged resumption of operations at the Bisie tin mine while it continues to monitor the security situation.
According to sources cited by Reuters, the U.S. government asked the rebels to withdraw 150 km from the mine in 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.
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