The International Tin Association (ITA) is pleased to announce that Minsur has become the first ITA member to achieve full conformance with all 10 Tin Code Priority Standards, marking a significant step in responsible and sustainable tin production.

The published 2024 Tin Code Report confirms that Minsur has met expectations across the Priority Standards – covering legal compliance; tailings management; banned substances; protected areas; closure and reclamation; safe working practices; forced labour; child labour – worst forms; use of private or state security personnel; and responsible sourcing.

Minsur’s performance reflects sustained investment in management systems, year‑on‑year improvements across all 72 Tin Code standards, and transparent disclosure. ITA commends the company’s leadership in sustainability and its continued commitment to driving positive local improvement.

“Congratulations to Minsur. It is a privilege to support their journey. Their dedication to continuous improvement sets a strong example for the industry,” said Susannah Costley‑White, Programme Manager, Tin Code.

Read the full report here: Tin Code Reports

Minsur’s achievement sets a benchmark for other tin producers working towards Priority Standard conformance, highlights Minsur’s leadership in promoting ESG and sustainable practices throughout its operations, and demonstrates what is possible through strong systems, transparent reporting and continuous improvement.

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Peruvian refined tin producer Minsur has reported third quarter group revenue of US$322.6 million, up 19% year-on-year, driven by higher tin production on improved grades.

Minsur’s tin metal output from its Pisco smelter was 8,699 tonnnes, up 7% from the same quarter last year, driven largely by increased mine production. This represented a 23% increase from the previous quarter when the company undertook smelter maintenance.

Combined production from the San Rafael underground mine and B2 tailings rose 4% y/y to 361 kt ore. Average grades increased by 8% y/y to 2.70% Sn, giving tin-in-concentrate production of 8,978 tonnes (up 8.1% y/y).

Minsur’s cash cost of production at the mine fell 8% y/y to US$7,985/t, which the company attributed to fewer metres of mine development due to mine design optimisations and higher tonnages.

Capital expenditure at the San Rafael mining unit totalled US$32.3 million, mainly relating to the construction of the B4 tailings dam and infrastructure development at San Germain—a high-grade satellite deposit of San Rafael—as in previous quarters.

Exploration spending increased 30% from Q3 2024 to US$24.2 million, due to increased work to expand the tin resource at San Rafael and ongoing studies for the Nazareth tin-polymetallic project.

Tin revenue represented 91% of Minsur’s total revenue. Gold revenue fell 4% y/y due to lower production from Pucamarca in line with the mine plan, partially offset by higher average gold prices. Group EBITDA rose 17.9% from the same quarter last year.

Our view: With the company set to achieve a 15-year high in tin production, Minsur continues to benefit strongly from elevated prices throughout the year. Ongoing work to expand mine life at San Rafael and further expansionary work highlights the positive outlook for the company.

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2024 saw global refined tin production of 371,200 t, representing a decline of 2.7% from 2023. Approximately 63% of this tin originated from just ten leading smelters, whose collective output increased by 14,300 t (7% year-on-year).

The top three producers remain unchanged, with Yunnan Tin maintaining its position as the world’s largest producer of refined tin at 85,000 t, and Minsur keeping second place although bolstered by strong growth of 14.3% to 36,300 t. Yunnan Chengfeng remained in third place with approximately flat production on the previous year.

After switching places in 2023, PT Timah and Malaysia Smelting Corporation (MSC) have switched again in 2024 as PT Timah’s production recovered to 2022 levels and MSC saw the largest year-on-year decline in the cohort.

PT Timah’s recovery came amid a difficult year for the Indonesian tin industry, with national refined tin production falling 30.7%, as the country’s investigation into alleged historical irregularities in the tin trade exacerbated licensing and export delays.

After facing significant challenges in 2023, EM Vinto production increased 26.3% to a record 12,700 t refined tin.

Chinese producer Guangxi Huaxi (formerly Guangxi China Tin) saw the strongest growth within the cohort of 34.1%, while Jiangxi New Nanshan saw modest growth, and both companies retained their positions from 2023.

Total production in mainland China saw remarkable growth of 4.6% despite the ongoing mining suspension in Wa State, Myanmar—traditionally a major concentrate source for Chinese smelters—bringing the national total to 194,000 t in 2024. This increase is attributed to unprecedented growth in secondary refined tin production of 14.9% on the previous year, and significant drawdown of raw material stockpiles.

Global secondary supply grew by 6.8% in 2024 to a record high, following growth of 2.9% the previous year. Secondary supply ex-China declined by 3.4%. Production at tin recycler Aurubis Beerse fell 16.9%, seeing the company switch places with Thaisarco.

Our view: Despite coinciding with weaker-than-expected growth in tin demand, protracted supply disruptions in Myanmar and Indonesia saw the tin market fall into a narrow deficit of 2,200 tonnes in 2024.

While 2024 saw the industry focus on a challenging supply story, 2025 will likely see supply recover as demand continues to move into a recovery cycle, putting the market on course for a small surplus in 2025.

Yunnan Tin, Minsur, PT Timah, Malaysia Smelting Corporation, Thaisarco, and Aurubis Beerse are members of the International Tin Association. Yunnan Chengfeng, Guangxi Huaxi, and Jiangxi New Nanshan are associate companies reporting data to ITA China.

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Peru’s Minsur S.A. is to sell its Brazilian subsidiary Mineração Taboca, which operates the Pitinga mine and the Pirapora smelter, to China Nonferrous Trade Co. Ltd., a subsidiary of China Nonferrous Metal Mining Group Co. (CNMC).

The agreement signed on 26 November will see Minsur’s entire indirect holding in Taboca transferred to China Nonferrous Trade Co. Ltd., subject to certain requirements and conditions customary in this type of transaction.

Founded in 1969, Mineração Taboca is the largest tin producer in Brazil, having contributed over a third of the country’s refined tin production in 2023 at 5,385 t, and is Brazil’s only fully integrated tin producer.

Minsur acquired Taboca from Paranapanema Group in 2008 following financial problems at Paranapanema. The combined production from Minsur’s Peruvian assets and Taboca intermittently made the company the second largest producer of refined tin alongside PT Timah.

The Pitinga mine in the Amazon is the world’s largest tin resource by tin content at 558,000 t contained Sn from 522.1 Mt at 0.107% Sn, and also holds significant resources of niobium and tantalum. At the end of 2023, Minsur reported tin reserves at Pitinga as 279,000 t contained Sn, expected to maintain production for at least thirty years.

Since Minsur’s takeover of Taboca, recovery at Pitinga has steadily increased and the mine’s output is likely to increase in future. The Pirapora smelter near Sao Paolo, which produces the LME brand MAMORE at a purity of 99.97% Sn, has a capacity of 16,000 tpa.

Bloomberg reports Minsur is selling the company for US$340 million.

In a statement to its website, Mineração Taboca said that “This new moment is strategic and constitutes a growth opportunity for [the company], as it will allow it to have access to new technologies to become more competitive and expand its vision and production capacity.”

“Amid these changes, Mineração Taboca reaffirms that its purpose and values remain the same, as well as its commitment to transparency, ethics and excellence in serving its stakeholders.”

Our view: The sale of Mineração Taboca to CNMC marks a significant step in the increasing dominance of Chinese companies in the tin market. Without its Brazil assets, Minsur remains the world’s second largest producer of refined tin and the changes may enable the company to increase its focus on its major exploration project at Nazareth, Peru—one of the largest new mine supply projects by capacity.

Minsur S.A. is a member of the International Tin Association.

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The top two producers remain unchanged, with Yunnan Tin maintaining its position as the world’s largest producer of refined tin, and Minsur kept second place. A challenging year at PT Timah resulted in a 23% decline in production, whilst growth at Malaysia Smelting Corporation saw the companies switch positions.

2023 saw moderate production growth from Chinese producers Yunnan Chengfeng and Guangxi China Tin, who held onto third and sixth positions respectively. This growth was offset by declines at similarly-sized producers Jiangxi New Nanshan and EM Vinto, which traded places. European secondary producer Aurubis Beerse saw growth, climbing one spot to ninth, while a decline at the Thailand Smelting & Refining Company (Thaisarco) pushed the company to tenth place, completing the Top 10.

Total production in mainland China declined 1.3% to 177,000 t in 2023. A partial resumption of mineral processing and sales of government stockpiles in the autonomous Wa State of Myanmar, which suspended mining operations from 1^st August 2023, maintained some level of shipments to China. Myanmar tin concentrate shipments to China decreased 15% year-on-year, while shipments from other countries increased by 5% over the same period.

Global secondary supply increased by 7.5% in 2023, recovering from a 6.6% decline the previous year. Growth in secondary refined tin production was split evenly between Europe and China.

Our view: Alongside a difficult macroeconomic climate impacting demand, a decline in global tin production yielded a market surplus of 9,700 t. An expected recovery in demand and ongoing supply disruptions especially in Wa State and Indonesia may bring supply tightness in 2024. We anticipate a reversal of the significant stocking seen in 2023.

Yunnan Tin, Minsur, Malaysia Smelting Corporation, PT Timah, Aurubis Beerse, and Thailand Smelting & Refining Company are members of the International Tin Association. Yunnan Chengfeng, Guangxi China Tin, and Jiangxi New Nanshan are Associate Companies reporting data to International Tin China.

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Yunnan Tin Company maintained its position as the world’s largest producer of refined tin, while other Chinese companies shuffled up the rankings. After a turbulent year in Indonesia, production at PT Timah fell significantly compared with 2021. Overall, global refined tin production is estimated to have reached 380,400 tonnes, up 0.3% on last year’s total of 379,400 tonnes.

ITA surveys global tin smelters to compile the annual list of the world’s largest producers. In 2022, these top 10 companies produced 56% of the world’s tin, down from 59% in 2021. As previously mentioned, the part of the drop in the group’s output can be attributed to the difficult year had by PT Timah. However, a significant decline in output from YTC also contributed.

Chinese smelters maintained overall production during 2022, despite challenges. Around 90% of production was shuttered in Q3 as smelters brought forward maintenance on falling prices and low demand. Meanwhile a wide arbitrage led to surging refined tin imports. Concentrate imports were also up year-on-year. Producers in South America maintained production off a strong baseline in 2021. European secondary production dropped as a result of a challenging Q4.

Our view: Despite a poor macroeconomic environment impacting demand, world tin production has remained steady in 2022. We expect a marginal increase in production in 2023, as positivity from China reopening is weighed down with challenges in Indonesia and South America.

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Minsur has temporarily suspended operations after continued protests around their San Rafael mine rock the region.

The deadly protests come as supporters of the recently ousted president, Pedro Castillo, and security forces clashed in the south-eastern regions of Peru. The San Rafael mine is located in the region of Puno that has seen some of the worst violence. A mid-December state of emergency in the area was extended for a month on January 15th.

Minsur, the world’s third largest tin producer, decided to temporarily suspend mining operations at its San Rafael tin mine on Thursday 12th January. Although the mine was not directly impacted by protests, the decision was made in solidarity with the victims.

Since then, the company stated that they stopped operations of the whole unit, including the concentrates plant. Concerns for the safety of staff were highlighted, with transportation of minerals and resources currently not feasible due to road blockages.

The company hopes their output will be affected as little as possible, although a date to restart operations is still unclear.

Our View: This is an ongoing, dynamic situation which we are monitoring closely. Protests were recently reported to be moving towards the capital Lima.

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Production at Minsur’s Peruvian operations fell in the first quarter following smelter maintenance and COVID preventative measures.

Minsur is one of the world’s largest tin producers and operates the San Rafael tin mine and B2 tailings reprocessing project in Peru, along with the Pisco smelter.

In the first quarter of 2022, the grade of processed material rose to 2.18% Sn, compared to 2.00% Sn last year and 2.06% Sn last quarter. Head grades at both San Rafael and B2 improved to raise the average.

However, mined tin production fell compared to a year earlier. In January 2022, COVID cases in Peru rose rapidly to a peak of nearly 100,000 daily cases. As a result, Minsur operated its processing plant at lower capacity in order to prevent the spread of cases amongst its workers. Less material was therefore fed through the processing plant (-19% QoQ, -8% YoY), resulting in a combined 6,818 tonnes of tin (+1% QoQ, +6% YoY).

Despite more tin being produced at the processing plant, refined tin output at Pisco fell in the first quarter. The smelter produced some 5,903 tonnes of metal, down 7% YoY and 11% QoQ. Annual smelter at the maintenance was brought forward a month (into March), resulting in the lower output.

Minsur’s costs of production rose in Q1. Cash costs averaged US$ 10,999/tonne, up 11% QoQ and 33% YoY. Higher costs were primarily caused by the lower throughput at the processing plant, although higher input costs were also a factor.

The company also noted that exploration activities resumed during the quarter after they were postponed last year.

Our view: COVID cases in Peru fell rapidly following its January peak, and the weekly average now sits at under 300 cases. As a result, we see Minsur’s Q2 refined tin output rising significantly. The company is now sitting on stockpile of processed concentrate, which it can smelt during the quarter, while processing capacity is likely to return to normal.

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Yunnan Tin Company maintained its position as the world’s largest producer of refined tin, while others, such as EM Vinto, re-entered to Top 10 list. As was well-publicised at the time, MSC were subject to strict COVID regulations from the Malaysian government which saw its production fall significantly compared to 2020. Overall, global refined tin production is estimated to have reached 378,400 tonnes, up 11% on last year’s total of 339,400 tonnes.

ITA surveys global tin smelters to compile the annual list of the world’s largest producers. In 2021, these top 10 companies produced 59% of the world’s tin, down from 67% in 2020. As previously mentioned, the part of the drop in the group’s output can be attributed to the difficult year had by MSC. However, another significant decline in output from PT Timah – the second consecutive fall – also contributed.

In China, most smelters recovered production during 2021, despite challenges. Although recent imports from Myanmar has been lowered, some smelters have pivoted to importing concentrate from other regions – including central Africa. Producers in South America recovered rapidly from COVID-related issues in 2020, with all the surveyed smelters reporting increased production.

Our view: As expected, world tin production recovered well from COVID restrictions, exceeding 2019 and 2020 levels. We do not expect further COVID-related issues and foresee production to continue rising in 2022, with some 4% growth forecast.

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In total, ITA estimates that 327,200 tonnes of refined tin were produced in 2020. This was a nearly 8% drop in production compared to 2019 levels, which had already fallen some 5% from 2018.

ITA also surveys global tin smelters to compile the annual list of the world’s largest producers. In 2020, these top 10 companies produced 69% of the world’s tin, down from 76% in 2019.

The drop in output from the group can be primarily attributed to the significant decline in production from PT Timah. The company more than doubled production in 2019 after export regulations forced many of the country’s private smelters to cease operations. According to PT Timah’s annual report, some of these smelters were rented to the company, increasing their capacity significantly. However, many private smelters have resumed production, likely ending this deal with PT Timah.

In China, production began the year slowly as the coronavirus impacted raw materials supply. However, the larger companies in the top 10 were able to ride out the disruptions. As a result of the changes in Indonesia, Yunnan Tin retook the top spot on the list.

South America was significantly impacted by the coronavirus, with smelters in Brazil, Peru, and Bolivia closed for an average of two months in the early part of the year. The lengthy closure of EM Vinto (Bolivia) saw it move out of the top 10 for the for the first time. A full year of production from the new B2 tailings reprocessing plant enabled Minsur to keep production steady year-on-year despite the disruptions.

Our view: It is unlikely that we will see another year quite like 2020. Enforced smelter closures are not common normally, but synchronous stoppages across the world are unheard of.

Most smelters now have extensive safety measures in place to prevent COVID entering the plants, and so we feel it is unlikely that further waves of the virus could prevent production for significant periods. With that in mind, we forecast a rebound in refined tin production in 2021 back to 2019 levels.

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