On 30 May, Atlantic Tin announced that it entered into a sale and purchase agreement with Managem to acquire Société Anonyme d’Entreprises Minières (SAMINE). On 6 August, Atlantic Tin announced that it had completed the purchase of SAMINE from Managem through its Moroccan subsidiary, Titan Tin. 

Australian-based Atlantic Tin focuses on tin exploration and development through its Moroccan subsidiary, Titan Tin, in the Kingdom of Morocco. The company holds a 75% interest in the Achmmach Tin Project (Achmmach Project), with Toyota Tsusho Corporation holding 20% and Nittetsu Mining Company holding 5%. The Achmmach Project is located approximately 40km southwest of Meknès. Atlantic Tin has initiated a definitive feasibility study for the Achmmach Project, which is expected to be completed by the end of 2024. The Achmmach Project currently has reserves of 6.7Mt graded at 0.82% Sn and resources of 22.4Mt graded at 0.78% Sn. Additionally, Atlantic Tin has full ownership of the Bou El Jaj Tin Project, which is located 7km away from the Achmmach Project.

SAMINE owns the historical El Hammam Mine, which produced tin in the past. The mine is located approximately 7km from the Achmmach Project. The site has infrastructure, including a processing plant that requires minimal upgrades to start processing tin ores. Therefore, the acquisition of SAMINE aligns with the developmental expedition of recommencing mining and processing at the Achmmach Project. In addition to the El Hammam Mine, Atlantic Tin will acquire the exploration licence located along the strike between the Bou El Jaj and Achmmach deposits.

Simon Milroy, CEO of Atlantic Tin, stated, “The acquisition of SAMINE is a major step forward in the development of the Achmmach Tin Project. The SAMINE processing plant already has a two-stage crushing plant, milling, flotation, thickening, and filtering in place, as well as power, water, and communications. This will result in a significant reduction in the capital cost to bring the Achmmach Mine into production in comparison to building new infrastructure at Achmmach. The use of the existing infrastructure also results in reduced environmental and social impacts.”

Before acquiring SAMINE, Atlantic Tin had already finished a scoping study that combined the proposed mining activities of the Achmmach Project with the processing facilities of the El Hammam Mine. On 7 June, Atlantic Tin announced the results of the study. Regarding production, it is estimated that 63.7kt of tin-in-concentrate will be produced over a 17-year mine life, with peak production reaching 5.0ktpy Sn. The first production stage is expected to achieve a 500ktpy mining rate and will be followed by the second production stage, which will expand the rate to 900ktpy over 16 months. As for the costs, the study indicated that capital expenditure is estimated at US$54M, with payback expected in 4.3 years and a reduced construction time of 18 months, with an average all-in-sustaining cost of US$15,368/t Sn.

This deal will see Atlantic Tin make significant progress towards recommencing tin production in the Kingdom of Morocco. Quick upgrades at the El Hammam processing facility will reduce the initial development capital and construction of mining and processing facilities. Tin from Morocco will boost African output, which stood at around 28kt in 2023, according to Project Blue, and will provide an alternative source of tin in a market dominated by Southeast Asian nations, such as China, Indonesia, and Myanmar. Indonesia’s tin market is currently under scrutiny due to an ongoing investigation into alleged illegal tin trading involving PT Timah Tbk. This saw the Attorney General’s Office confiscating tin smelters from key players. Myanmar’s tin industry is still under a mining suspension, which began in August last year, leading to reduced production from the region. These factors have raised supply concerns, causing LME and ShFE tin cash prices to remain above the US$30,000/t mark for four consecutive months.