Rome Resources, a mining firm specializing in tin exploration in the Democratic Republic of Congo (DRC), has successfully raised £4.2 million from Stanvic Mining to expand drilling and enhance exploration at its Bisie North project in North Kivu. 

The AIM-listed firm will use the money to extend drilling through 2025, conduct geophysical and geochemical exploration—including optimal site mapping—and strengthen the company's balance sheet.

"This strategic investment demonstrates the recognition of the Bisie North project in the DRC. It will enable us to continue drilling and accelerate work to create value for our shareholders," said Paul Barrett, CEO of Rome Resources.

The Bisie North project is well-positioned amid a favorable market, with global tin prices surging 34% in 2024 to reach $33,810 per tonne in October due to limited supply.

In the DRC, Alphamin Resources, the leading producer, reported a 28% increase in production during the first nine months of 2024, totaling 12,087 tonnes. Rising average prices—from $26,557 to $31,757 per tonne—have bolstered revenues, with Alphamin forecasting production between 17,000 and 18,000 tonnes for the year.

Rome Resources aims to become a key player in the tin market, having recorded tin grades of up to 7.12% in recent drilling. The success of its project could help elevate the DRC's status in the global tin market, particularly as demand grows due to its use in electronics and renewable energy. 

In 2023, the DRC ranked fifth among the world's largest tin producers with an output of 19,000 tonnes, trailing behind China (68,000 tonnes), Myanmar (54,000 tonnes), Indonesia (52,000 tonnes), and Peru (23,000 tonnes).

This article was initially published in French by Olivier de Souza

Edited in English by Ola S. Akinocho