Peru’s only tin producer Minsur reported improved third quarter results, based on a recovery in tin production and a faster than expected rise in gold production from its new mine. Minsur’s net profit rose by 28% to US$66.8million in the quarter from $52.2 million a year earlier, the company said in a corporate filing reported by BN Americas.
Sales grew 36% from a year earlier to $193.3 million, with tin sales up 7.8% to $153 million. Operating costs jumped 58.5% to $56.2 million on the start-up of the company’s Pucamarca gold mine, while exploration spending doubled to $4 million, the company said.
Refined tin production rose 39% to 6,984 tonnes in the third quarter, although the large rise is from a low base related to a maintenance shutdown of its Funsur smelter in August last year. Pucamarca contributed 30,534 ounces of gold and has already exceeded its first year production target. Cumulative production was 91,896oz through the first three quarters, topping its annual target of 75,000oz.
