Minsur’s Q4 2014 consolidated results reveal a 3% increase in total tin production from its Brazilian and Peruvian operations to 29,234 tonnes in 2014 compared to the previous year. This is despite a 5% fall in tin production in Q4 2014 to 7,734 tonnes from the same period of 2013.
There was a significant increase in tin production from the Pitinga mine, run by Minsur’s Brazilian subsidy, Taboca. This amounted to 1,400 tonnes of tin in Q4, up 26% on the same period of 2013, and 5,010 tonnes for the whole of 2014, up 19% on 2013. This was primarily due to treatment of a higher tonnage of ore and improved tin recoveries achieved through a plant optimisation plan. However, niobium and tantalum alloy production at Pitinga fell 10% to 2,719 tonnes in 2014 due to the stoppage of two of the three alloy production plants. Production at Pitinga is expected to increase in the coming years, made possible by an ongoing expansion to the concentration plant and tailings facilities.
Net revenue for Minsur’s mining division in Q4 2014 fell 13% to US$202.9 million from Q3 2013 due to the 12% drop in the average tin price and a 3% reduction in the volume of tin sold during the quarter. Despite this, the total net revenue for 2014 increased 2% from 2013 to US$914.3 million. This increase was achieved due to the higher volume of tin and niobium tantalum alloy sold overall in 2014, which offset not only the effect of lower tin prices towards the end of the year, but also the effect of a lower gold price on revenue from Minsur’s gold operations.