LONDON, March 13 (Reuters) - Tin prices jumped to
eight-month highs on Thursday after Alphamin Resources ( AFMJF ) said it
would temporarily cease operations at its Bisie tin mine in the
Democratic Republic of the Congo due to unrest in North Kivu
Province.
Prices of the soldering metal on the London Metal Exchange
(LME) were up 3.3% at $34,530 a metric ton at 1401 GMT after
touching $34,815 a ton, the highest since July.
Alphamin produced more than 17,000 tons of the metal used to
make semiconductors last year or more than 4% of global total
supplies estimated at around 380,000 tons.
"This decision was made after insurgent militant groups have
recently advanced westward in the direction of the mines
location in the DRC," Alphamin said in a release.
"All operational mining personnel are being evacuated from
the mine site with only essential personnel to remain for the
care, maintenance and security of the property."
Analysts at Macquarie in a note published this week
estimated the global tin market was already set to see a
shortfall of 13,000 tons this year.