Shares of Alphamin Resources Corp. dropped sharply after M23 rebels took control of Goma, a city in the Democratic Republic of Congo where the company operates tin mines. While Alphamin's tin exports don't pass through Goma, the conflict raises concerns about investment and operations in the region.
Alphamin Resources Corp. shares fell the most in nine years after Rwanda-backed rebels overran the eastern Congolese city of Goma, the capital of North Kivu province where the company’s tin mines are located.
The stock sank by as much as a third earlier Monday, then pared losses to trade down 9.4% at 97 Canadian cents as of 12:27 p.m. in Toronto., so-called M23 rebels are now patrolling Goma, a trading hub for the Democratic Republic of Congo’s mineral exports to neighboring Rwanda. It’s not, however, a transit point for Alphamin’s tin, which comes from mines about 120 miles west of the city and is sent northeast to Uganda.
MINING CONFLICT ALPHA MIN RESOURCES DRC INVESTMENTS
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