Minsur has published its 2015 first quarter results which reveal a 31% year-on-year fall in tin production at its Peruvian operations to 4,776 tonnes in Q1 and a 43% decrease in net revenue from tin operations to US$ 105.2 million.
The lower tin production was a result of the stock optimisation program in 2014, less ore treated due to scheduled plant maintenance at the San Rafael mine in Q1 2015 and lower head grades. 235,459 tonnes of ore was treated during the first quarter, only 4% less than the same period of 2014, but the head grade fell 17% year-on-year to 2.16% Sn in Q1 2015.
The operating cost per tonne of ore was US$ 146.39 in Q1 2015, 16% higher than Q1 2014. This was a result of the lower volume of ore treated and the cost of optimisation studies during the quarter. The lower head grade also contributed to a 20% year-on-year increase in cash cost per tonne of tin to US$ 8,910 in Q1. The reduction in net revenue was explained by the reduced tin production and 19% lower average tin prices in the quarter than in the same period of 2014.
