Tin in the News (28 February 2013)

Source:  ITRI Ltd

The following is a summary of the information circulated by ITRI Ltd.  For more details and the original text please visit http://www.itri.co.uk.

The top 10 tin producers in 2012 (28 Feb 2013)

The table below shows refined tin production by the ten largest companies in 2012

 

 

Company

Production, tonnes

% change

1.

Yunnan Tin (China)

69,760

+24.2%

2.

Malaysia Smelting Corporation

37,792

-6.1%

3.

PT Timah (Indonesia)*

29,600

-22.4%

4.

Minsur (Peru)

25,399

-15.9%

5.

Thaisarco (Thailand)

22,847

-4.3%

6.

Yunnan Chengfeng (China)

16,600

+7.6%

7.

Guangxi China Tin (China)

14,034

-9.6%

8.

Metallo Chimique (Belgium)

11,350

+13.4%

9.

EM Vinto (Bolivia)*

10,800

-1.5%

10.

Gejiu Zi-Li (China)

7,000

-18.6%

 

 

*Provisional estimates

There was no change to the top ten producers and the ranking of the top five remained the same. Only three of the top ten producers recorded increase in production.

 

 

 MSC hopeful on 2013 prospects (27 Feb 2013)

Malaysia Smelting Corporation reported a 25% fall in revenue and a pre-tax loss of RM62.7 million (US$20.2 million) before unusual items in 2012, compared to a pre-tax profit before unusual items of RM116.4 million in 2011.  However, by curtailing operations by its 75% -owned subsidiary in Indonesia, PT Koba Tin, it moved back into the black in the final quarter of the year, with a group pre-tax profit before unusual items of RM2.6 million.  The group’s Malaysian operations- the Buttterworth smelter and Rahman Hydraulic mine – made reasonable profits of RM85.9 million, despite lower prices and very challenging market environment.  In Indonesia PT Koba Tin had losses of RM137.5 million “due to the adverse impact of lower tin prices and production, mine rehabilitation costs, additional provisions for termination benefits, high rationalization costs and impairment of mining assets”.

China tin imports increased again in January (27 Feb 2013)


China imported 2,350t of refined tin in January, up 46% y-o-y and also 23% higher than imports in December 2012.  It also imported 17,661t (gross weight) of tin ore and concentrate which is 12 times higher than a year ago.  Myanmar accounted for close to 17,000t of the total but the grade is usually very low.

MGT makes first tin shipment (26 Feb 2013)

Queensland-based MGT Resources is expected to make its first shipment of 17 tonnes of 65% tin concentrate (processed from stockpiled ore) from the Mt Veteran mill to off-take partner Taimetco International Trade Co. Limited to an un-named Asian smelter with an LME-registered brand.  the mill is expected to start treating newly mined ore from one of several MGT controlled ore deposits by the end or June.  Initial production is likely to be at a rate of some 500 tpy of tin-in-concentrate with potential for expansion.


CFTI Partners visit South Kivu to view project success (27 Feb 2013)


To promote responsible sourcing and economic development in the DR of Congo, industry and government partners started a conflict-free tin initiative (CFTI) in the Province of South Kivu in October 2012.  The partners, led by Jaime de Bourbon, Special Envoy for Natural Resources of Government of the Netherlands recently visited Kalimbi Mine and observed the cassiterite trading chain.  The delegation included representatives of Motorola Solutions, Fairphone and Boukje Theeuwees, Manager of Supplier Sustainability at Philips.  Also present were Kay Nimmo (ITRI/iTSCi Governance Committee) and Mussadiq Hamid Merican (Malaysia Smelting Corporation) as well as representatives of local society/organization such as Enough, CENADEP and the ICGLR.  The delegates were joined by Joseph Ikoli, Directeur de Cabinet Adjoint du Ministre des Mines, who was there to convey the commitment of the Congolese Government to ensuring the success of the CFTI.

The situation at the mine has improved substantially with 1294 artisanal miners and associated service providers and traders recorded in February compared to less than 100 diggers at the start of the project.  Earning potential has more than doubled from US$2 to US$4-6 per kilo depending on the tin content of the ore and the world metal price.

 

Help this site to stay free & run by buying me a cup of coffee!mfBeer Joomla! Plugin