International Resources Holding (IRH) has announced a definitive agreement to acquire a majority stake in Alphamin Resources Corp. from Tremont Master Holdings. This strategic move, valued at approximately C$503.3 million, positions IRH to significantly enhance its presence in the global industrial metals sector by securing a key interest in one of the world's leading tin producers.
International Resources Holding (IRH), an Abu Dhabi-based global mining company, has entered into a definitive agreement to acquire 718,990,967 common shares of Alphamin Resources Corp. (TSXV: AFM) (JSE: APH) from Tremont Master Holdings. These shares represent approximately 56% of Alphamin's outstanding common shares. The total consideration for this acquisition is C$503,293,677 (US$367,001,749), subject to certain completion adjustments.
This acquisition is a significant step for IRH, aligning with its strategy to secure and optimize industrial metals supply chains. Alphamin is recognized as one of the world's largest and highest-grade tin producers, a critical raw material essential for electronics, manufacturing, and various industrial applications. Ali Alrashdi, CEO of IRH, emphasized that Alphamin's strong production profile perfectly complements IRH's objective of acquiring high-quality mining assets with substantial long-term growth potential.
Tremont Master Holdings, which has been instrumental in the exploration, evaluation, and operation of the Bisie mine over the past 12 years, is now transferring its ownership stake. Rob Still, Chairman of Tremont Master Holdings, expressed satisfaction in passing their interest to a long-term investor like IRH, who shares their vision for the operation and commitment to the region. Following the transaction, Tremont will retain a minority stake of approximately 0.8% of Alphamin's outstanding common shares.
Closing of the transaction is contingent upon fulfilling various closing conditions, including obtaining all necessary regulatory and internal corporate approvals. Prior to this agreement, IRH held no common shares in Alphamin. Upon completion, IRH will hold approximately 56% of the outstanding common shares.
IRH has stated that its acquisition of the common shares is for investment purposes. The company intends to continuously review its investment in Alphamin and may consider further actions, including potentially acquiring the remaining outstanding common shares, based on market conditions, Alphamin's performance, and other strategic factors. The transaction is planned to be executed via a block trade over a stock exchange, adhering to the "private agreement exemption" under Canadian securities regulations.
International Resources Holding (IRH) to acquire a majority stake in Alphamin Resources Corp. from Tremont Master Holdings, strengthening its position in the global industrial metals sector.
International Resources Holding (IRH) to acquire a majority stake in Alphamin Resources Corp. from Tremont Master Holdings for C$503 million, strengthening IRH's position in the global industrial metals sector.
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