Peruvian tin producer Minsur’s net profits fell 82 % year-on-year to US$15.5 million during the third quarter, Business News Americas reported, quoting a company filing with local securities regulator SMV. Operating income fell 68 % to US$43.7million. Revenues for Q3 declined 16% to $ 269 million, while the cost of sales inched up 3.4% to $177 million.
The results reflect lower tin prices and lower production at the company’s San Rafael mine. In the year to September Minsur’s production of tin-in-concentrate has declined by 10.5% to 19,517 tonnes, while refined tin production at its Funsur smelter fell by 8.1% to 19,034 tonnes. Disappointing results at non-tin subsidiaries and the Taboca operation in Brazil may also have been negative factors.
In a separate report BNAmericas noted that Minsur’s Pucamarca gold-silver mine project is in the final stages of construction and had recently been inspected by Peru’s mines and energy ministry. The inspection was in response to local concerns about potential water pollution, but found that the project was being built according to permits issued and would not affect the flow of water in a local canal.
