International Resources Holding (IRH) has announced a definitive agreement to acquire a majority interest in Alphamin Resources Corp. from Tremont Master Holdings. This strategic acquisition, valued at approximately C$503 million, will see IRH gain control of Alphamin, a leading global tin producer, significantly bolstering IRH's presence in the industrial metals sector.
International Resources Holding (IRH), an Abu Dhabi-based global mining company, has entered into a definitive agreement to acquire a majority interest in Alphamin Resources Corp. from Tremont Master Holdings. The transaction involves IRH, through a wholly-owned subsidiary, purchasing 718,990,967 common shares of Alphamin from Tremont, representing approximately 56% of the outstanding common shares. The acquisition price is set at C$0.70 per share, totaling C$503,293,677 (US$367,001,749).
IRH's acquisition of Alphamin is a strategic move to strengthen its position in the global industrial metals sector. Alphamin is recognized as one of the world's largest and highest-grade tin producers, supplying a critical raw material essential for electronics, manufacturing, and various industrial applications.
Ali Alrashdi, CEO of IRH, stated that Alphamin's strong production profile aligns with IRH's strategy of securing interests in high-quality mining assets with long-term growth potential. This acquisition is expected to enhance the stability and efficiency of global raw material markets.
Rob Still, Chairman of Tremont Master Holdings, expressed satisfaction in transferring ownership to another long-term investor who shares their vision for the operation and commitment to the region. Tremont has a 12-year history with the Bisie mine, from exploration to building and operating.
Upon completion of the transaction, Tremont will retain a minority stake of 10,133,592 common shares, representing approximately 0.8% of Alphamin's outstanding common shares. Prior to this agreement, IRH did not hold any common shares in Alphamin.
The closing of the transaction is contingent upon fulfilling certain conditions, including obtaining all necessary regulatory and internal corporate approvals. IRH has indicated that it will continuously review its investment in Alphamin. Depending on various factors, IRH may consider further actions, including potentially acquiring the remaining outstanding common shares of Alphamin in the future, following discussions with shareholders, the board of directors, and other stakeholders.
The acquisition of common shares will be executed via a block trade over a stock exchange, structured as a private agreement with five or fewer third parties, adhering to relevant regulatory exemptions.
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