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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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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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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The monthly Mining Statistics Bulletin (Boletín Estadístico Minero in Spanish) details mine production for all minerals in the country. Included in this is the San Rafael mine, which belongs to the sole Peruvian tin producer, Minsur. According to the Bulletin, production of tin-in-concentrate at San Rafael (including the B2 Project) fell by 2.7% in November. Production in the month was 2,097 tonnes, down from 2,156 tonnes in October.

However, the report indicates that for 2020, tin production in Peru was up 0.6% compared to the January-November period of 2019. This was despite the COVID-19 pandemic, which forced the Peruvian government to close all mines for a brief period in the middle of the year.

Output at San Rafael has recovered rapidly due to the B2 tailings reprocessing project. This project, which came online in late 2019, complements production from the main mine. This has boosted year-on-year comparisons between tin-in-concentrate production in 2020 and 2019.

In terms of exports, the Bulletin also shows a strong recovery from the pandemic. Refined tin exports in 2020 to October were up 1.4% compared to the same period in 2019. In total, roughly 15,900 tonnes of refined tin were exported in 2020 to October.

Our view: Past data from the Mining Statistics Bulletin indicates that the B2 project has benefitted Minsur’s recovery following the pandemic. Before it came online, production of tin-in-concentrate was some 200 tonnes lower than the average output in 2020, despite enforced closures. As such, we expect average production in 2021 show a slight year-on-year improvement again as Minsur experiences a less disrupted year.

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The latest quarterly report from Minsur indicates that the company quickly recovered from the impact of the coronavirus, which closed its operations in the second quarter.

The report for the third quarter of 2020 indicates that tin production at San Rafael, the company’s Peruvian mine, was in line with Q3 2019. Overall tin-in-concentrate production was boosted by an additional 1,181 tonnes from the B2 tailings project. B2 came online in Q4 2019.

However, refined tin production at Pisco, Minsur’s smelter in Peru, did not see an increase over last year. Despite additional feed from B2, a high volume of concentrate stocks were processed in 2019, meaning that no annual increase was seen.

Production at both the mine and smelter year-to-date remains lower than in 2019 due to the closures as a result of the coronavirus pandemic. Minsur felt the full impact of COVID-19 during the second quarter, with tin production down over 35%. Although there has been some recovery in Q3, San Rafael’s output remains some 21% lower YTD. Refined tin production has seen a better recover, and is now down just 6% YTD. The additional feed provided by B2 over the course of the year has played a pivotal role in this recovery.

Costs per treated tonne at Minsur’s Peruvian operations during 2020 have been much higher than in the previous year. The company attributes this to the lower volume of ore treated at the ore sorting plant, combined with additional costs due to COVID-19 safety measures. However, per tonne of tin, year-to-date costs are some 6% lower.

At the company’s subsidiary in Brazil, Taboca, a lower head grade at the Pitinga mine resulted in overall lower tin production, despite an increase in treated volumes. Taboca’s smelter at Pirapora produced 1,871 tonnes of refined tin during the quarter, some 17% higher than in 2019. The smelter received higher volumes of higher grade concentrate during the quarter.

Costs at Pitinga have continued to fall, with costs per treated tonne some 26% in Q3 2020 than in 2019. The devaluation of the Brazilian real, combined with higher treated volumes, helped to reduce costs. When by-product created are included, the cash cost at Pitinga was US$ 6,152/tonne in the third quarter, a 44% decreased compared to Q3 2019.

Our view: Minsur was able to capitalise on the production stability brought by the introduction of new health and safety measures during the third quarter. Production is now back in line with its usual output levels – or in the case of Taboca, exceeding normal volumes. This has not come without a price, however, with Q3 costs up noticeably at both the Peruvian and Brazilian operations. Despite this, previous work done to lower costs is now paying off, with year-to-date costs still below the 2019 benchmark. The company will be hoping that the upwards trend in the tin price continues to offset these costs in the fourth quarter.

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Minsur felt the full impact of COVID-19 during the second quarter, its recent earnings report revealed, with tin production falling over 35%. Combined with lower gold and ferro-alloy output, this saw the company’s revenue fall by some 45%.

During the quarter, the Peruvian government forced mines and smelters in the country to close in order to help stop the spread of COVID-19. At the same time, the company also stopped operations at its Brazilian subsidiary Taboca as a preventative measure. Although Minsur gradually restarted in May, new health and safety protocols and a ramp-up period saw production at Minsur’s tin operations reach full capacity by June.

In Peru, tin production in the second quarter halved compared to Q2 2019. Fewer working days for staff resulted in less ore treated (-71%), which combined with a lower head grade, saw tin contained output fall. Refined tin output from the Pisco smelter, however, declined by around 30% as some stockpiled concentrate was processed to make up for the lower mine output. For the first half of the year as a whole, tin concentrate production was 31% lower than H1 2019, with refined tin output down 10%.

Across the border in Brazil, operations were halted slightly later than in Peru. However, this still resulted in tin concentrate production falling by 37% year-on-year (YoY). Refined production at Pirapora fell by 62% YoY. Although the Pirapora smelter came back online in late April, it was forced to stop again in late May for maintenance that could not be carried out while it was stopped due to the coronavirus. This caused output numbers to look worse than last year, as maintenance was carried out during the first quarter. Over the entire first half of the year, which more accurately reflects the impact of the coronavirus, Taboca’s refined tin production fell by 38% YoY.

Our view: Having halted its Peruvian operations on 19 March, it is unsurprising that Minsur’s production numbers fell so dramatically in the second quarter. However, with new measures in place to prevent the spread of COVID-19, Minsur and Taboca are now operating at usual volumes. Plans to attempt to close the gap to the company’s annual tin production guidance are being developed, although demand for tin remains weak. We expect both companies to show improved production figures in the third and fourth quarters.

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