The world’s largest exporter of refined tin has proposed raising the rates in its progressive royalty system to up to 20% following last year’s restructuring of mining royalties.

Alongside increases to other minerals, the proposal by Indonesia’s Ministry of Energy & Mineral Resources (ESDM) would see tin’s highest royalty band doubled from 10% at prices over US$40,000 to 20% at prices over US$50,000…

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Minsur, the world’s second-largest refined tin producer, reported Q1 output of 8,314 tonnes of refined tin from its Pisco smelter in Peru, down 2.9% year-on-year.

Higher tin prices lifted net revenue by 16.9% year-on-year, offsetting lower production and weaker sales from the gold division.

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British tin developer Cornish Metals (AIM: TIN) has announced a placement of US$210 million of six-year bonds, securing the debt portion of the South Crofty development financing.

The bonds pay a fixed 13.5% per annum coupon rate and the company said it was met with strong investor demand across European, North American, and other international markets.

Cornish Metals CEO Don Turvey highlighted the company’s successful bond fundraising and said they “expect to be fully funded and to announce the final investment decision for the South Crofty tin project this summer”.

Turvey reiterated the company’s aim to see first tin concentrate production in mid-2028.

The South Crofty mine, which closed in 1998 following the tin price crash in the mid-1980s, is the highest-grade tin project in the pipeline and the company anticipates average production post-ramp up of 4,700 t tin-in-concentrate per year according to the October 2025 PEA.

Cost benchmarking work by the International Tin Association for Cornish Metals shows that the operation will be in the lowest quartile for mining costs, with an AISC of US$14,461 per tonne tin produced.

Cornish Metals estimates a pre-production capex of £198 million (approximately US$270 million) for the South Crofty project.

The issuance of the bonds is expected around 21 May 2026, subject to certain conditions, including the completion of an equity raise of no less than US$161 million.

In February, the company received a non-binding letter of interest from the US government-backed Export Import Bank for up to US$225 million in return for exporting tin concentrate to the United States, likely to Nathan Trotter.

Our view: This is a major milestone for Cornish Metals and marks one of the final steps towards bringing the historic South Crofty mine back into production. ITA is pleased to see the strong progress made to advance the project to production.

Cornish Metals is a member of ITA’s Explorers & Developer Group.

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Indonesian state-owned tin producer PT Timah (IDX: TINS) saw refined tin production of 5,630 tonnes in Q1 2026, up 81.9% from the same quarter in 2025.

PT Timah reported refined tin sales of 6,009 tonnes at an average price of US$49,221 per tonne, generating revenue of IDR 5.47 trillion (approximately US$316 million), up 160.5% year-on-year from Q1 2025.

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Aurubis Beerse NV has successfully achieved third-party verification under Tin Code Assurance, reenforcing its commitment to responsible sourcing and transparent supply chain practices.

The independent assurance, conducted by ARCHE Advisors, covered Aurubis Beerse’s Belgium tin smelter and included review of its due diligence systems and public reporting against the ITA-RMI Assessment Criteria for Tin Smelting Companies (version 2, 25th March 2021), with the assurance report dated 11 April 2026.

Key Highlights:

• This verification relates specifically to Standard 7.3 (Responsible Sourcing), one of the 72 environmental, social and governance standards of the Tin Code.
• Aurubis Beerse has implemented policies and procedures to assess potential risks and seek to avoid support to conflict, human rights abuses, and other significant harms.
• During the reporting period, the Beerse site sourced mainly recycled (secondary) materials, along with limited intermediate materials (e.g., FeSn hardhead) and unused metal products. All intermediate and additional materials were sourced exclusively from RMAP Conformant smelters.
• An independent alignment assessment confirmed that the Tin Code Assurance process and Standard 7.3 Criteria are fully aligned with the OECD Due Diligence Guidance for Responsible Sourcing of Minerals from Conflict-Affected and High Risk Areas, including standards, implementation, and audit management process under the Tin Code.

Looking Ahead: This rating for Standard 7.3 (Responsible Sourcing) was determined according to the normal Tin Code validation procedure following Aurubis Beerse’s independent assurance engagement. It will be included in the next scheduled Tin Code Report covering all 72 ESG standards.

See the following for additional context on Tin Code Assurance, its independent validation process, and how it is used by tin users and downstream stakeholders.

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A new study shows how tin dioxide (SnO₂), a widely used tin compound, could help make solar-powered water purification more efficient and practical. 

Solar steam generation uses sunlight to heat water and produce steam, which can then be condensed into clean drinking water. It’s a promising low-energy solution for regions facing water shortages. 

Gold and silver are often used in these systems because they interact strongly with light, converting it into heat very efficiently. However, they come with limitations. On their own, they tend to absorb only a narrow part of the sunlight spectrum and can become unstable or clump together over time, reducing performance.  

To overcome this, researchers coated gold and silver nanoparticles with tin dioxide. This thin coating helps the particles absorb a wider range of sunlight while also improving their stability. 

The results showed clear benefits. The tin dioxide-coated materials captured more of the sun’s energy and retained heat better than both uncoated materials and water alone. This led to a small but measurable increase in steam production under simulated sunlight.  

In simple terms, tin dioxide helps these materials work more efficiently and last longer. 

For the tin industry, this highlights another emerging opportunity. Tin dioxide is already widely used in electronics and coatings, and its role in clean water and energy technologies is becoming increasingly important. 

As demand grows for low-cost, sustainable solutions, tin-based materials could play a valuable role in improving how solar technologies are designed and deployed. Learn more at Tin Valley. 

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The Renison mine in Tasmania saw production of 2,887 tonnes of tin-in-concentrate in Q1 2026, down 13.0% from the previous quarter, according to co-operator Metals X (ASX: MLX).

Metals X, which owns 50% of the Bluestone Mines Tasmania Joint Venture that operates the Rension mine, announced an increased mining rate, but lower grades and processing rates.

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UK-based tin developer First Tin (LSE: 1SN) has announced a significant conversion of its Taronga tin resource in New South Wales, Australia to the Measured and Indicated categories ahead of its upcoming definitive feasibility study.

Measured resources increased by 15.8% to 7,000 tonnes of tin and Indicated resources increased by 10.5% to 4,400 tonnes of tin. Over 71% of contained tin is now classified in the Measured and Indicated categories.

The overall total tin resource stayed broadly consistent from the September 2023 MRE.

In addition to tin, the company defined an Inferred resource of 132.0 Mt grading 0.05% Cu and 2.8 ppm Ag, giving the company a contained copper resource of 60,600 tonnes and a contained silver resource of 12.0 Moz.

The company said it will exclude copper and silver from its upcoming DFS but is currently assessing the technical and economic options for their eventual extraction as by-products.

First Tin CEO Bill Scotting said the resource update was a “significant step forward for Taronga”, and they “look forward to incorporating updated pit designs and an extended life of mine” in the DFS update.

The previous Taronga DFS published in 2024 delineated a mine life of 9 years, with average production of 3,600 tonnes of tin-in-concentrate per year.

Our view: The improved confidence of the Taronga mineral resource marks strong progress as First Tin brings the project towards an updated DFS. ITA looks forward to the publication of the updated report.

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

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Renison mine co-owner Metals X (ASX: MLX) has committed to investing A$17 million (approximately US$12 million) in Australian tin developer Stellar Resources (ASX: SRZ).

Metals X, Australia’s leading tin producer through its 50% stake in the Bluestone Mines Tasmania Joint Venture, will gain a holding of approximately 16.4% of Stellar Resources’ expanded capital and will nominate one director to the Stellar board.

The private placement comes as part of a larger A$22 million (approximately US$16 million) raise by Stellar Resources.

Managing Director of Stellar Resources, Simon Taylor, said the company is “delighted to welcome Metals X as a cornerstone investor and substantial shareholder…” and the investment is a “tremendous endorsement” of the Heemskirk project.

Taylor said the capital injection is “highly transformative” for Stellar, ensuring the company can rapidly advance the project through its upcoming prefeasibility study scheduled for Q3 2026 and straight into a definitive feasibility study. The funding will also allow the company to pursue its regional exploration efforts.

The Heemskirk project, which is itself only approximately 15 km from the historic Renison mine in Tasmania, saw an upgrade to its resource in 2026 to a total of 101,900 tonnes contained tin, grading an average of 0.87% Sn across its constituent deposits.

Earlier in April, Stellar Resources also reported improvements in metallurgical recoveries from test work at its Queen Hill deposit, paving the way for recoveries to exceed 70%. The results supported production of a final saleable tin concentrate grading 42-49% Sn.

Executive Director of Metals X, Brett Smith, said the company has “been closely monitoring the steady progress the Stellar team has achieved at the Heemskirk Tin Project. Their recent resource upgrade and the notable metallurgical improvements at Queen Hill highlight the underlying quality of the asset”.

This is the third major investment the company has made in tin developers, after gaining a 23% and 19% stake in British developer First Tin and Australian developer Elementos, respectively.

Metals X has benefitted greatly from expanding production at Renison and elevated tin prices over the past three years, seeing post-tax net profits rise 2.2% in 2025 to A$105 million (approximately US$75 million), giving the company significant capital to invest.

Our view: As the third major investment made by Metals X into a tin explorer, the company is making a clear move towards becoming an institutional investor in the tin industry. ITA looks forward to the accelerated progression of mine studies at Heemskirk as the industry heads towards projected deficits.

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

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Indonesia’s state-owned tin producer PT Timah has announced 2025 operating profits of IDR 1.91 trillion (approximately US$110 million), up 0.8% from the previous year as higher prices offset a decline in production.

PT Timah reported revenue of IDR 11.55 trillion (approximately US$668 million) in 2025, up 6.41% from the previous year, on higher tin prices, while EBIDTA totalled IDR 2.76 trillion (approximately US$160 million).

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