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4 August, 2016
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Tin in the News
Today's news round-up includes several stories about lower production in Indonesia, China and Peru. Of these, the closures of many smelters in China for government environmental inspections is the most unexpected and potentially serious, as around 45% of the country's tin production capacity is affected. It is currently too early to tell how long the plants will remain out of action.We also have two corporate news stories from Australia, with Metals X about to de-merge into separate gold and base metals companies and Kasbah Resources announcing a new low-capex version of its feasibility study for the Achmmach project in Morocco. Finally we introduce readers to the giant puppet tin miner nearing the end of its journey across Cornwall.Peter Kettle - Manager, Markets Follow us at twitter.com/ITRItin |
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Timah cuts 2016 production forecast
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4 August: Indonesian state-controlled tin producer PT Timah will not meet its original production target of 30,000 tonnes this year. The company's corporate secretary, Agung Nugroho, told Reuters today that output is now likely to be between 24,000 and 27,000 tonnes this year. "Right now we are struggling with production," Nugroho said. However he expected that production will recover to more than 30,000 tonnes in 2017 as a result of the addition of new tin mining vessels and “improved communication with stakeholders”.Timah produced 26,361 tonnes of tin-in-concentrate and 27,431 tonnes of refined tin in 2015, but reported a sharp decline in production in the first quarter of this year due to extreme monsoon weather and delays in the renewal of its export permit. Q1 mine production fell by 49% compared to the same period of 2015 to an exceptionally low level of 3,405 tonnes, while refined tin production fell by 40% to 4,205 tonnes. Second quarter results are expected imminently.
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Metals X to split in two
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4 August: Metals X has announced the completion of a successful A$100.6 million equity capital raising and also confirmed that it intends to separate the company into two businesses in gold mining and base metals. The new base metals unit will include among its assets a 50% stake in the Renison tin mine in Tasmania, which produced 6,816 tonnes of tin-in-concentrate in 2015. Metals X and its Chinese partners (Yunnan Tin Group and L’Sea Resources) agreed earlier this year to review and update a feasibility study on the treatment of tailings at Renison, noting that “the Australian dollar tin price was approaching a level that made the development feasible and bankable.”Metals X recently completed the acquisition of the Nifty copper mine in Western Australia from Aditya Birla Minerals. In a statement the company said that, following the acquisition, “it now believes that its base metals division can stand alone as a formidable diversified base metals company, with production from its copper and tin assets and expansion and growth assets in tin, copper and nickel.” Meanwhile its three gold mines and four process plants produce some 220,000 oz per annum, with plans to double this over the next few years.Current CEO Peter Cook is expected to become managing director of the gold company, with the company’s other Executive Director, Warren Hallam (pictured above) running the base metals business. Metals X aims to convene a shareholder meeting to approve the demerger in late October/early November 2016.
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China’s tin smelters cut production following environmental inspections
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1 August: Most tin smelters in the Yunnan, Guangxi and Jiangxi provinces have suspended or scaled back refined tin production following special environmental inspections by the Chinese government that began on July 19. Environmental inspection teams were sent to eight provinces, representing the country's major nonferrous metals production areas.Restart times are not yet determined, but will be at the end of this week at the earliest. One smelter in Yunnan has decided to shut for equipment maintenance for one month. Guangxi China Tin Group had already begun a one month complete maintenance shutdown of its Laibin smelter (pictured) on July 15. The total annual production capacity of tin smelters involved approaches 110,000 tonnes, with output in 2015 of some 70,000 tonnes accounting for around 45% of the national total. China’s domestic tin price jumped sharply in the middle of last week; if the cuts are extended, then the supply tightness will be exacerbated in the short term, leading to further upward pressure on domestic tin prices.
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New ore sorter helps Minsur production
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3 August: The start-up of a new ore sorter at Minsur’s San Rafael mine in Peru is helping keep the company on track to meet 2016 production and cost reduction targets. The new operation, commissioned in May, sorts low grade ore which had previously been stockpiled for treatment at the end of the mine’s life.Production of tin-in-concentrate at San Rafael in April-June declined by 8% year-on year to 4,573 tonnes, with a decline in average head grade to 2.03% more than offsetting a 3% increase in ore treated as a result of the start-up of the new plant. First half year production declined by 7% to 8,847 tonnes, while refined tin production at the integrated Pisco plant declined by 5% to 9,281 tonnes, helped by a reduction in concentrate stocks. In a release Minsur said that the latest data is in line with the mine plan and production guidance of 20,000 – 21,000 tonnes for 2016.Cash costs per tonne of ore have fallen 20% year-on-year to US$109/t, dropping further to $103/t in Q2. Target for the year is $115 – 125/t, compared to $127/t in 2015 and $143/t in 2014. Cash costs per tonne of refined tin declined by 10% to $8,048/t in the first half, helped mainly by cost saving initiatives introduced last year, including the adoption of four production hubs within the mine which have reduced metres of underground tunnelling required.Minsur will release consolidated results for its operations in Peru and Brazil on 12 August.
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Achmmach Capex halved in new DFS
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29 July: ASX-listed Kasbah Resources has announced an updated DFS for its Achmmach tin project in Morocco with higher average grades and a drastically reduced project Capex based on a multi-stage “Small Start Option” (SSO) development plan.The new DFS imagines a ten year underground mine operation utilising a long-hole open stoping and crushed rock fill method. A revised ore reserve of 6.56 Mt at 0.85% Sn has been defined at the site, amounting to 55,500 tonnes of contained tin which would be exploited over two stages of mining. During the first 42 month stage 1.89 Mt of ore at 0.96% Sn would be extracted, producing an annual average of 3,500 t of tin-in-concentrate. The larger second stage would take place over 80 months, extracting 4.67 Mt of ore at 0.80% Sn for increased annual production of 4,210 t of tin-in-concentrate.The main improvement in the redesign of the operation is a 53% reduction in Capex to US$61.7 M. Meanwhile, a competitive C1 cash cost of US$ 9,001/t and C3 full cost of US$13,811/t have been calculated. Subject to final approvals, Kasbah will seek the equity needed to finance a decision to mine within the next 6-9 months. The company's project partners, Toyota Tshusho and Nittetsu, will be required to fund 20% and 5% of the total project costs respectively, mirroring their current ownership stake. With a decision to mine this year, first production could be possible by early 2018.With a DFS first published at the end of 2014 and all permits and approvals in place, the Achmmach tin project has been at an advanced stage for some time. The updated DFS represents an adaption of the project's development plant to account for lower tin prices, with the reduced Capex likely to be more attractive to risk-conscious investors under current market conditions.
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Tin man nears end of road
 4 August: A giant mechanical puppet representing Cornwall's mining history is nearing the end of a 130 mile journey across the county. The event celebrates the 10th year that the Cornish Mining World Heritage Site has held its Unesco heritage status. The 10 metre tall Man Engine will complete its journey on Saturday at the old Geevor tin mine near St Just, in the far west of the county. With several companies looking into reviving tin mining in Cornwall, we hope that there will one day be a future as well as history to celebrate! |
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11th International Tinplate Conference programme announced
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5 – 6 October 2016, Copthorne Tara Hotel London Kensington, London, UKAround 120 delegates are expected to attend the forthcoming conference, for which a detailed programme can be downloaded at the link below..Click here to see the programmeThe two-day conference will attract those interested in understanding the key commercial and technical tinplate developments and provide opportunities to network with the global industry.
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