Xingye Silver & Tin issues $200 million bond to finance copper-tin-lead-zinc operation

Chinese tin miner Xingye Silver & Tin has issued a US$200 million three-year bond through its Hong Kong subsidiary, becoming the first private Chinese mining company to issue an overseas senior unsecured bond.
The senior unsecured sustainable bond has a three-year maturity and a 7.64% yield is also the largest dollar bond issuance from an Inner Mongolia-based company since 2021 according to Xingye.
Xingye is currently undertaking a major expansion project at its subsidiary Yinman Mining’s Baiyinchagan underground copper-tin-lead-zinc operation in Inner Mongolia, doubling ore processing capacity from 1.65 Mtpa to 2.97 Mtpa, including 2.25 Mtpa for the copper-tin circuit.
This could see Bayinchagan become the world’s third largest tin mine, approximately the same size by tin output as Alphamin’s Bisie in eastern DR Congo.
The expansion project is expected to take four years.
Mined tin reserves at Baiyinchagan grade approximately 0.5% Sn and the company currently produces 9,000 tpa tin-in-concentrate, having successfully significantly increased production through improvements in mining efficiency and metallurgical recovery over the past four years.
Part of the $200 million raised is likely to go towards financing the development of the company’s newly-acquired Achmmach project in Morocco.
Xingye bought Australian company Atlantic Tin in 2025, becoming the lead partner with an 80% stake in the joint venture that owns the Achmmach project – the other two minority partners being Toyota Tsusho Corporation (20%) and Nittetsu Mining Co (5%).
Under previous ownership, Atlantic Tin’s 2024 scoping study for the project identified a pre-production capex of $54 million for the greenfield project, plus expansionary capex in years 2 and 3 of US$28 million.
Although no production date has been publicly set, Atlantic Tin’s previous studies indicate an 18-month construction period and the project is currently in the feasibility study phase.
Achmmach has a total mineral resource of 39.1 Mt at 0.55% Sn for 213,300 tonnes contained tin as of the November 2024 estimate, and the project has a planned peak production of 5,000 tonnes of tin-in-concentrate per year.
This marks a major milestone for Xingye in its expansion plans, which could see its tin output almost double, and indirectly for the development of Achmmach under new leadership which could supplement Xingye’s tin output to become one of the largest tin-in-concentrate producers globally.