WASHINGTON (dpa-AFX) - Abu Dhabi-based mining firm International Resources Holding has completed its acquisition of a 56% majority stake in Alphamin Resources Corp. (APH) from Tremont Master Holdings.
The deal, valued at approximately US$367 million, was executed through IRH's subsidiary, Alpha Mining LTD, which purchased 718,990,967 common shares at C$0.70 per share.
Alphamin, known for its world-class tin operations at Bisie in the Democratic Republic of the Congo, is viewed by IRH as a key strategic asset in supporting the global green energy transition. IRH's CEO, Ali Alrashdi, emphasized the company's commitment to fostering sustainable operations and community partnerships in North Kivu through this investment.
Prior to the deal, IRH held no shares in Alphamin. Tremont, previously the majority shareholder with 57 percent, has now reduced its stake to approximately 0.8 percent. The transaction was completed via a private agreement under regulatory exemptions, without involving a public stock exchange.
IRH intends to monitor and potentially adjust its stake based on various strategic, market, and business factors, and may explore options to acquire the remaining shares in the future. Both IRH and Tremont disclosed their holdings via Early Warning Reports, now available under Alphamin's profile on SEDAR+.
APH currently trades at $102.5 or 1.17% lower on the NYSE.
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