Higher tin prices helped boost Minsur’s net profit up 27.5% to 335 million soles (US$119 million) in January-March from 262 million soles in the same period last year, BN Americas reported, quoting a submission to Peru’s securities regulator Conasev. Net sales rose 18.1% to 664 million soles, while cost of sales increased 8.2% to 115 million soles. Operating profit was 499 million soles, up 19.9%.The rise in sales was due to higher prices more than offsetting a fall in sales volume.
Refined tin production declined by 2% year-on-year to 8,810 tonnes in January-March, while output if tin-in-concentrates at the company’s San Rafael mine fell by 26% to 6,788 tonnes. Mine production has been reduced since last August while a review of its tailings storage arrangements was carried out, and a return to full production is expected to be authorized shortly. Meanwhile smelter production has been maintained by the treatment of stockpiled concentrates and slags.
