Minsur’s Q2 results for its Peruvian operations revealed an 11% year-on-year fall in tin production in refined tin production at its Pisco smelter to 5,019 tonnes in Q2 2015, while production at the San Rafael mine fell by 8% to 4,954 tonnes of tin-in-concentrate, primarily due to lower ore head grades. First half production of refined tin and tin-in-concentrate amounted to 9,794 tonnes (down 22% y-o-y) and 9,530 tonnes (down 15%) respectively. Minsur continues to forecast 2015 annual tin production in Peru in the range of 20,000 – 22,000 tonnes, in line with expectations at the beginning of the year.
Head grades fell from 2.44% to 2.09% Sn between the second quarters of 2014 and 2015, although the impact on production was partially offset by a 7% increase in the volume of ore treated to 261,885 tonnes over the same period. Refined tin production fell more than mine production because last year’s metal output was boosted by a run down in concentrate stocks.
The cash cost per tonne of treated ore at San Rafael in Q2 2014 was 13% lower, at US$ 126, than in the same period of the previous year. This was a result of a series of cost cutting measures including new deals with contractors, deferment of particular expenses and higher volumes of ore treated. The cash cost per ton of refined tin rose 5% over the same period to US$ 8,880, mainly due to the lower tin head grades.
