• Tin production rose 7% in 2025 while EBITDA increased 25%.
• Output exceeded targets despite a temporary halt at the Bisie mine.
• Record tin prices support growth and dividend prospects for 2026.

Alphamin Resources, a mining company operating in the Democratic Republic of the Congo and controlled by International Resources Holding (IRH), posted a 7% year-on-year increase in tin production and a 25% rise in EBITDA in 2025. The Emirati group acquired a 56% stake in Alphamin in June 2025. The company expects further production growth in 2026, supported by strong tin price trends.

Despite a temporary suspension of operations at its Bisie mine for security reasons, Alphamin increased tin production to 18,576 tons in 2025. This exceeded its guidance range of 18,000 to 18,500 tons and compares with 17,324 tons produced in 2024. EBITDA rose to $341.4 million in 2025 from $274 million a year earlier. For 2026, the company targets output of around 20,000 tons, which corresponds to the mine’s nominal capacity.

Record prices

In addition to higher output, Alphamin said EBITDA growth was supported by a 13% year-on-year increase in the average selling price of its tin, which reached $34,388 per ton in 2025. The company said these factors bode well for stronger cash flows and potential increases in shareholder dividends. In 2025, Alphamin distributed $123 million to shareholders and raised its dividend per share by 22%.

Positive expectations for 2026 are largely linked to the surge in tin prices. Tin, used in lithium-ion batteries for electric vehicles and in a wide range of electronic components, reached $42,257 per ton on December 17, up 46.5% since the start of 2025. Prices have continued to climb this month, rising 29% and hitting a record $53,462 per ton on the London Metal Exchange on January 14.

This sustained increase is driven in part by supply chain disruptions. In Indonesia, President Prabowo Subianto announced in October 2025 the suspension of 1,000 illegal mines. Indonesia accounted for 16.7% of global tin production in 2024, according to the U.S. Geological Survey. According to Luke Adriaans, principal analyst at London-based consultancy Project Blue, cited by S&P, the expected resumption of shipments from Myanmar’s Man Maw mine, closed since August 2023, has also been delayed.

Risk factors

Beyond supply constraints, strong demand linked to the energy transition and higher semiconductor production has supported tin prices. However, the recent rally may also reflect factors beyond underlying supply and demand dynamics.

“Tin prices are expected to remain structurally volatile, with price movements increasingly driven by speculative positions and shifts in supply narratives, which raises risk management requirements across the supply chain,” said Tom Langston, an analyst at the International Tin Association. He pointed to a disconnect between prices and market fundamentals.

According to Langston, supply disruptions in Myanmar and the DRC will remain key drivers of price movements in the coming months. The conflict in eastern DRC supported prices last year after Alphamin was forced to halt production for several weeks due to rebel advances near the Bisie site. While operations have since resumed, Alphamin’s performance in 2026 will depend on production stability and sustained high tin prices.

Emiliano Tossou