Minsur refined tin revenue down due to smelter maintenance

Peruvian refined tin producer Minsur has reported second quarter group revenue of US$260 million, with tin revenue down due to smelter maintenance.
Minsur undertook longer scheduled annual maintenance at the Pisco tin smelter in April (11.5 days compared with 6.5 days in 2024), resulting in lower output and tin sales of US$299 million (down 12.6% Q/Q, and 0.6% Y/Y). 
Refined tin output from the Pisco smelter in Q2 was 7,089 tonnes (down 16.8% Q/Q, and 0.8% Y/Y). Minsur’s tin cash cost of production fell 2.8% from the same quarter last year to US$9,588 per tonne. 
Ore treated increased 0.7% from Q2 2024 to 354,209 tonnes, and grades increased to 2.54% Sn. Total tin production from the San Rafael mining unit, which includes the eponymous mine and the B2 tailings dam, was 8,390 tonnes tin-in-concentrate (up 4.1% Q/Q, and 2.3% Y/Y). The company attributed the higher production to the enhanced feed grade to the processing plant.
Capital expenditure at the San Rafael mining unit totalled US$12.4 million, mainly related to the construction of the B4 tailings dam and infrastructure development at San Germain—a high-grade satellite deposit of San Rafael.
Exploration spending increased 110% from Q2 2024 to US$19.5 million, due to increased work to expand the tin resource at San Rafael.
Tin revenue represented 88% of Minsur’s total revenue. Gold revenue was flat quarter-to-quarter, but represented an increase of 15.2% from the second quarter of 2024. Group EBITDA fell 6.4% Y/Y to US$144.5 million due to higher exploration and project-related expenses.
Minsur has delivered strong tin output so far in 2025, positioning the company to capitalise on elevated tin prices. Ongoing improvements in operational efficiency, together with continued investment in the San Rafael expansions, reinforce a positive outlook for the largest tin producer outside China.