International Resources Holding (IRH), a UAE-based mining company, entered into an agreement to purchase a 56% stake in Alphamin Resources (Alphamin) from Tremont Master Holdings (Tremont), a Mauritian domiciled investment holding company funded by Denham Capital.

On 3 June 2025, International Resources Holding (IRH) and Tremont Master Holdings announced that a definitive agreement had been signed for IRH to acquire Tremont’s majority stake in Alphamin Resources. Under the terms of the deal, IRH, through a wholly owned subsidiary, will purchase 718,990,967 common shares of Alphamin held by Tremont at a price of C$0.70 (US$0.51) per share, totalling C$503M (US$367M). Tremont’s shares represent approximately 56% of Alphamin’s outstanding shares. However, the final purchase price is subject to adjustments, which may reduce the total consideration based on certain conditions outlined in the agreement. These include any distributions, dividends, or payments made by Alphamin to Tremont between 30 September 2024 and the closing date of the deal, except for the dividend Alphamin paid on 4 November 2024. Following the completion of the deal Tremont will hold 0.8% of the outstanding common shares in Alphamin.

Alphamin operates the Bisie tin mine complex, one of the largest tin mines in the world. This consists of the Mpama North and Mpama South mines. In 2024, Bisie produced 17.3kt of tin-in-concentrate, approximately 6% of global mine supply according to Project Blue. Earlier this year, Alphamin Resources suspended mining operations in due to security concerns following the advance of the M23 non-state armed group toward the Bisie tin mine. However, by April, Alphamin announced the resumption of operations, and by May, the company reported its first tin shipment since restarting operations.

IRH is a subsidiary of International Holding Company, a major UAE-based conglomerate controlled by Sheikh Tahnoon bin Zayed Al Nahyan, the country’s National Security Adviser. IRH entered the mining sector by outbidding South Africa’s Sibanye Stillwater for Zambia’s Mopani copper complex in 2023. The Alphamin acquisition further strengthens IRH’s position in the global industrial metals market and its presence in Africa, adding a tin asset to its mine portfolio.