Malaysian tin producer Malaysia Smelting Corporation (MSC) has begun construction of a rotary furnace at its Rahman Hydraulic Tin (RHT) mine in Perak, Malaysia.

The mine is the largest tin mine in Malaysia, representing around half of the country’s tin mine production, and provides approximately a fifth of MSC’s feedstock. In the wake of tightness in the international concentrate market and intense competition for raw material from Africa, the company has been working to improve efficiencies at its own mining operations.

MSC will invest RM10 million (approximately US$2.5 million) to construct the rotary furnace, which will produce crude tin for refining at the company’s newly completed Pulau Indah facility near Port Klang, approximately 400 km by road from the mine.

Representatives from the Perak Minerals and Geoscience Department, Perak State Land and Mines Office, and Perak State government, attended a ceremony to mark the beginning of construction alongside RHT executive director Madzlan Zam and MSC co-CEOs Nicolas Chen Seong Lee and Lam Hoi Khong.

This process will reduce the company’s transport costs for its Malaysian operation, shorten lead times, and is expected to improve overall operational efficiency.

The furnace will have a planned processing capacity of 10 tonnes per day, roughly matching the usual daily mining output at RHT.

Our view: MSC has remained remarkably resilient while global supply disruptions squeeze its access to primary feed, and improved efficiencies at the company’s own operations will provide further cushioning.

Malaysia Smelting Corporation is a Member of the International Tin Association.

Image credit: The Star

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The US Department of Defense is seeking information on potential stockpiling of critical minerals, while also indicating interest in re-smelting its tin stockpile.

The DoD issued notices seeking information for lithium, nickel, chromium, tellurium, and tin about potential vendors, usual product specifications, relevant regulations, and market conditions. In the specific case of tin, the US already holds a Cold War-era strategic stockpile.

The tin stockpile held by the US Defense Logistics Agency (DLA) once totalled more than 200,000 tonnes. It was accumulated between 1939 and the 1990s, with metal largely smelted from Bolivian tin concentrates at the Longhorn tin smelter in Texas City. The stockpile has since declined significantly following releases over the past three decades.

Over this period, many of the stockpiled ingots have deteriorated due to tin pest, a form of degradation that causes physical breakdown and the loss of up to 20% of tin mass as dust. As a result, much of the material is largely unusable in its current form and poses a contamination risk to other tin products stored nearby.

The DLA wants to reprocess 1,978 tonnes of the remaining stockpiled tin to LME grade (99.85% Sn) ingots for re-addition to the National Defense Stockpile.

This development comes after the White House announced its intentions to reduce US reliance on imported critical minerals through the Project Vault initiative.

The US is approximately 75% reliant on imports to meet its domestic tin consumption as the largest ex-China tin user globally.

Our view: The reprocessing of the DLA stockpile is unsurprising due to the known presence of tin pest, and it is likely that the agency will seek to reprocess more of the stockpile in future as a part of the Project Vault initiative.

With critical minerals becoming an increasing focus for the White House, the US government is likely to maintain support for domestic tin supply, as reflected in its backing of leading secondary tin producer Nathan Trotter.

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Chinese tin miner Xingye Silver & Tin (SZ: 000426) has issued a US$200 million three-year bond through its Hong Kong subsidiary, becoming the first private Chinese mining company to issue an overseas senior unsecured bond.

The senior unsecured sustainable bond has a three-year maturity and a 7.64% yield is also the largest dollar bond issuance from an Inner Mongolia-based company since 2021 according to Xingye.

Xingye is currently undertaking a major expansion project at its subsidiary Yinman Mining’s Baiyinchagan underground copper-tin-lead-zinc operation in Inner Mongolia, doubling ore processing capacity from 1.65 Mtpa to 2.97 Mtpa, including 2.25 Mtpa for the copper-tin circuit.

This could see Bayinchagan become the world’s third largest tin mine, approximately the same size by tin output as Alphamin’s Bisie in eastern DR Congo.

The expansion project is expected to take four years.

Mined tin reserves at Baiyinchagan grade approximately 0.5% Sn and the company currently produces 9,000 tpa tin-in-concentrate, having successfully significantly increased production through improvements in mining efficiency and metallurgical recovery over the past four years.

Part of the $200 million raised is likely to go towards financing the development of the company’s newly-acquired Achmmach project in Morocco.

Xingye bought Australian company Atlantic Tin in 2025, becoming the lead partner with an 80% stake in the joint venture that owns the Achmmach project – the other two minority partners being Toyota Tsusho Corporation (20%) and Nittetsu Mining Co (5%).

Under previous ownership, Atlantic Tin’s 2024 scoping study for the project identified a pre-production capex of $54 million for the greenfield project, plus expansionary capex in years 2 and 3 of US$28 million.

Although no production date has been publicly set, Atlantic Tin’s previous studies indicate an 18-month construction period and the project is currently in the feasibility study phase.

Achmmach has a total mineral resource of 39.1 Mt at 0.55% Sn for 213,300 tonnes contained tin as of the November 2024 estimate, and the project has a planned peak production of 5,000 tonnes of tin-in-concentrate per year.

Our view: This marks a major milestone for Xingye in its expansion plans, which could see its tin output almost double, and indirectly for the development of Achmmach under new leadership which could supplement Xingye’s tin output to become one of the largest tin-in-concentrate producers globally.

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Authorities in Myanmar’s autonomous Wa region have issued a new notice outlining a cost-sharing mechanism for dewatering deep mine shafts at Man Maw, marking another step toward the gradual restart of tin mining operations. 

On 27 February, the Wa State Industrial and Mineral Resources Management Bureau (IMRB) released a document formalising the process for sharing pumping costs across 11 mine portals. The measure took effect from 1 March and follows discussions held between authorities and mine operators at the end of January. 

Under the new arrangement, concentrate produced from the first batch of transported ore will be subject to a 5% fee to cover joint dewatering expenses. 

Operators had been instructed to transport previously mined ore to processing facilities before 28 February, with site inspections at mine portals and concentrators scheduled from 1 March to verify implementation. 

The Man Maw mining area is a complex of many interconnected underground mines, operated by several different companies. The highest-grade areas of the mining complex are the deepest adits, which have been flooded since operations were halted in June 2023. 

Dewatering of deeper mining areas is expected to take more than a month, according to industry participants. When combined with the existing 30% tax-in-kind, total cost burdens for mine owners are estimated at around 35%. 

Wa accounts for the majority of Myanmar’s tin concentrate exports to China. Shipments began to recover in late 2025, with exports averaging around 1,300 tonnes of contained tin per month in November–December, compared with roughly 630 tonnes per month during May–October. While January–February customs data have yet to be released, market participants expect export volumes to have remained at similar levels. 

Our view: The introduction of a formal dewatering cost-sharing mechanism indicates that authorities are prioritising a structured restart of deeper, higher-grade mining areas. As pumping progresses and more mine portals resume operations, export volumes are expected to increase from March. 

If domestic tin prices remain above RMB 350,000 per tonne in 2026 and restart momentum continues, Myanmar’s tin concentrate exports to China could approach 20,000 tonnes of contained tin this year.  

ITA continues to monitor developments in Wa closely. 

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Australian tin developer Elementos (ASX: ELT) has raised A$29.5 (approximately US$21 million) from Australian investor L1 Capital.

This investment will make L1 Capital a 19.99% shareholder in the company.

The funds will support advancement of the Oropesa tin project in Spain and the company’s investment into the Robledollano tin smelter as well as the Cleveland project in Tasmania.

Through its mine production from Oropesa and refined tin production from the Robledollano smelter, Elementos intends to become Europe’s only vertically integrated tin producer.

Elementos Chairman Andy Greig said the company was “pleased to welcome L1 Capital as a major, highly credentialed, ‘high conviction’ institutional investor”.

“Alongside Metals X, L1 Capital represents the second major investor to enter our register over the last nine months. The backing of these major investors provides support to [the] company’s strategy, added security and valued optionality as we head toward FID and detailed project financing discussions”, he continued.

This news comes amid a remarkable rally in the tin price and a refreshed surge in investor interest in the metal.

Our view: ITA’s Investing in Tin Seminar in December highlighted the urgent need for capital flows into new mine projects, so we are pleased to see continued, large investments into future supply as the market heads towards a forecasted deficit.

Elementos is a member of ITA’s Explorers & Developers Group.

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Leading tin producer Malaysia Smelting Corporation has announced group pre-tax profits of RM51.9 million (approximately US$12.5 million) in Q4, up 47.1% from the previous quarter.

MSC reported revenue of RM480.7 million (approximately US$116 million) in Q4 2026, down 9.2% from the previous quarter on lower tin sales, but this decline was offset by lower operating costs.

MSC’s tin smelting segment recorded a pre-tax profit of RM31.3 million (approximately US$7.5 million) following a loss in the previous quarter. The company attributed this increase to stronger sales of higher-margin, higher-profit tantalum slag and cost savings from the closure of the historic Butterworth plant.

This comes despite lower ore intake from suppliers in the quarter. ITA estimates that tin-in-concentrate imports to Malaysia fell by 2.7% to 2,468 tonnes in Q4 compared with Q3, compounding lower output from MSC’s mine.

The tin mining segment, representing the company’s Rahman Hydraulic Tin mine, recorded a pre-tax profit of RM25.4 million (approximately US$6.1 million), down 22.9% from the previous quarter due to a three-week mining suspension for an environmental investigation.

Co-CEOs Mr Lam Hoi Khong and Mr Nicolas Chen Seong Lee, appointed in December 2025, highlighted the improved operational efficiencies against a backdrop of supply disruptions and robust demand.

Our view: MSC faced a challenging 2025 with intense competition from Chinese smelters in Africa due to the continued low concentrate output from Myanmar, the production halt due to the gas pipeline explosion incident, and the temporary mining suspension. Despite this, higher commodity prices have supported the company’s revenue while the closure of the Butterworth plant and improved efficiencies at the new Pulau Indah plant have reduced the company’s costs, with MSC reporting a whole-year increase in pre-tax profits of 5% from 2024.

Protracted mine supply disruptions remain a key risk for MSC going forward, but an anticipated increase in tin entering the international concentrate market in 2026 may see the situation improve.

Malaysia Smelting Corporation is a Member of the International Tin Association.

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Australian tin producer Metals X (ASX: MLX) has announced production of 3,319 tonnes of tin-in-concentrate from the Tasmanian Renison mine in Q4 2025, bringing the year’s total to a near-record 10,747 tonnes of tin-in-concentrate.

The company, which represents half of the Bluestone joint venture operating the mine, highlighted that fourth quarter production was just ten tonnes below the all-time quarterly record.

Production increased 46.1% from the previous quarter due to 8.4% stronger ore production at 207 kt, bolstered by a 55.0% increase in grade mined to 2.34% Sn as the company encountered higher-than-expected grades in the Area 5 part of the mine.

Mill recovery improved to 82.34% with more stable operating conditions in Q4 and the commissioning of the new TOMRA ore sorter.

Cash costs fell 28.3% quarter-on-quarter to A$16,598 per tonne of tin produced, while AISC fell 22.6% to A$30,319, supported by higher production.

The company reported that EBITDA more than doubled from the previous quarter in Q4 to A$113 million, or A$36,048 per tonne of tin produced due to improved efficiencies and the rising tin price.

Metals X participated in fundraisings of both Australian tin explorer Elementos and UK-based tin explorer First Tin to maintain its ownership interests in the companies.

During the quarter, the company also continued its resource drilling programme underground and at-surface, with further drilling planned throughout Q1 2026.

Providing an update on the Renison tailings retreatment project, Rentails, the company said it has completed a draft Environmental Impact Statement and expected to submit it to the Tasmanian regulators at the end of January. The company also executed its option to acquire a site to be used for the construction village and awarded contracts for design of the 2.4 Mtpa processing facility.

Our view: Due to the surge in production in Q4, 2025 proved to be the second-best in Renison’s history in terms of output, marked by strong improvements in efficiencies. 2026 will likely be a pivotal year for Metals X and the Bluestone joint venture as progress is made towards the Rentails project, with a final investment decision due at the end of the year.

Bluestone Mines Tasmania Joint Venture is a Member of the International Tin Association. Elementos and First Tin are members of ITA’s Explorers & Developers Group.

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Mauritius-based tin miner Alphamin Resources (TSXV: AFM ; JSE AltX: APH) has announced 2025 production totalled 18,576 tonnes of tin-in-concentrate from its Bisie mine in eastern DR Congo. 

Production in the quarter ending 31 December 2025, Alphamin processed 202,360 tonnes of ore grading 3.4% Sn to produce 5,008 tonnes of tin-in-concentrate. This represents a decline in production of 4.4% year-on-year. 

Processing recovery was slightly lower in the fourth quarter, at 73%, due to fluctuations in the grades processed. 

Tin sales totalled 5,045 tonnes of contained tin. 

The company’s AISC rose in Q4 to US$16,861, up 11.6% year-on-year, attributed to the impact of higher tin prices on royalties, export duties, and smelter fees, and due to a “substantial” increase in diesel taxes in DR Congo. 

EBITDA in the fourth quarter was US$108 million, with the company benefiting from the surging tin price. Average tin price achieved was 12% higher than in Q3. 

Since the end of December 2025, the tin price has soared 17% to an all-time-high as of 18 January, which will likely benefit the company in Q1 2026. 

Overall production for the year was 7.2% higher than the 2024 total, marking the highest since the mine began operations in mid-2019. 2025 was initially expected to mark the first full year of operations for the Mpama South expansion; however, the mine closure in March and April forced the company to revise down its production guidance. 

Providing an update on exploration, the company said drilling at Mpama North and South had recommenced in Q4 but no visible tin mineralisation was observed. 

Referencing the security situation in eastern DR Congo, Alphamin stated that the company “continues to note an increased number of security events on the border line between the Masisi and Walikale territories” in North Kivu, approximately 200 km east of the mine. 

While the mine continues to operate “within guidance parameters”, the company said “As a result of the ongoing security risks in the area, the operating risk profile remains elevated and a sustained advance closer to the mine location could result in mining operations being affected”. 

The company also announced the retirement of CEO Maritz Smith, who oversaw the significant expansion of Bisie, effective 01 March. Smith will be replaced by current CFO Eoin O’Driscoll. 

Our view: Despite the security-related challenges, Alphamin’s production remained broadly resilient and the company has achieved record output. Following a turbulent 2025, 2026 is likely to see the mine ramp up production toward 20,000-tonnes-per-year capacity, coinciding with a broader recovery from the mine supply disruptions across Asia during 2023–2025. 

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On 6th January, a delegation from Malaysia Smelting Corporation (MSC), led by Executive Chairman Madam Chew Gek Khim, visited Yunnan Tin Company Limited (YTC) for discussions and exchanges on developments in the global tin industry. 

During the visit, MSC met with YTC’s management team, led by Chairman Mr Liu Luke. YTC shared an overview of its evolution as the world’s leading tin producer, including its operational profile, production capacity, and ongoing efforts in digitalisation and use of innovative technologies. YTC welcomed the delegation and expressed willingness open to collaboration to jointly explore opportunities across the global tin value chain. 

MSC signalled an interest in learning from YTC’s experience in resource development, smelting technologies, and market strategies. The Malaysian delegation thanked YTC for sharing its valuable insights and highlighted the potential for further cooperation to promote the stable and positive development of the tin industry. 

Our view: Ongoing collaboration and cooperation in the tin industry to overcome its challenges is a positive step, and ITA is pleased to see its members working together to secure a sustainable future. 

Yunnan Tin Company and Malaysia Smelting Corporation are Members of the International Tin Association. 

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Refined tin producer Malaysia Smelting Corporation (MSC) announced its profit increased 46% in Q3 following a disrupted second quarter.

The group, which includes MSC’s mining and smelting operations, recorded revenue of RM529.5 million (approximately US$125.7 million), up 39.7% from the previous quarter and up 15.1% from Q3 2024. Refined tin production rose, complemented by a 2.6% increase in the average quarterly tin price.

This translated to a group pre-tax profit of RM35.3 million (approximately US$8.4 million), up 47.7% from the previous quarter which saw disruption due to lower ore intake and the gas pipeline fire incident.

The company highlighted stronger performance of the smelting business due to higher sales of tin intermediate products as well as the higher tin price. The mining segment also saw an improvement in profits due to greater output.

The company last week announced that mining had been paused at its subsidiary Rahman Hydraulic Tin (RHT). RHT—Malaysia’s largest tin mine, producing 2,500 tonnes of tin-in-concentrate in 2024—was suspended on 13 November for three weeks to allow for environmental investigations. Regulators have halted several local mining operations as they investigate recent discolouration of the Sungai Perak river.

MSC said the financial impact is expected to be manageable and not material within the context of the company’s full-year performance. If approval is given to resume within the stipulated time, the company expects operations to resume on 04 December.

In its quarterly results, the company said it remains focused on improving and increasing daily mining output at RHT through new mining methods, improved recovery from lower grade ores, and participating in potential new mining joint ventures.

Providing an update on the decommissioning of the historic Butterworth smelter, MSC said it expected cost savings as a result of the closure while improved efficiencies at the new Pulau Indah smelter will see positive financial and environmental results.

Our view: Intense competition for feedstock as the Wa mining resumption remains sluggish is a key challenge for tin concentrate importers including MSC. Until there is a material improvement in Wa’s output, the international concentrate market is expected to remain extremely tight. Nevertheless, MSC has maintained strong revenue performance through the sale of intermediates and tin-bearing slag.

Malaysia Smelting Corporation is a Member of the International Tin Association.

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