TSX-V- and AltX-listed Alphamin Resources’ 80.75%-owned subsidiary, Alphamin Bisie Mining (ABM), which is based in the Democratic Republic of Congo (DRC), has received all approvals required to draw down the final $20-million of its $80-million credit facility.
ABM expects to receive the funds, which should be sufficient to see the company through to the start of production at the Bisie tin mine, by December 10.
Cold commissioning of the crushing circuit is anticipated to start in the first half of December, while the completion of construction of the gravity concentration building and tailings storage facility remain on track for the first quarter of 2019.
Hot commissioning – first ore through the plant – is expected to start in March 2019.
Alphamin continues to assess the impact of the likely change of mining method. Rock conditions underground have led management to review the suitability of the sublevel caving mining method previously planned at Bisie.
A cut and fill method is being analysed and, if approved, will result in changes to the operating costs, mined grade, recovery and mineral reserves.
Management expects to receive a revised mining schedule from its technical mining consultants on or around December 7.
The company will publish an updated reserve statement in the first quarter of 2019.Creamer Media Senior Deputy Editor Online