Source:  ITRI Ltd


MSC returns to profit         10 May 2011    

Malaysia Smelting Corporation (MSC) made a profit of 28.3 million ringgit (US$9.5 million) during the first quarter of this year after a loss of 29.1 million ringgit last year and a loss of 22 million ringgit in the previous quarter. Revenue rose to 737.9 million ringgit (US$246.9 million) from 651.2 million ringgit.

Production at its Butterworth smelter rose 0.6 % year-on-year to 9,473 tonnes in Q1, while mine production from Rahman Hydraulic Tin rose 11% to 452 tonnes as a result of improved productivity. Production at its Indonesian joint venture PT Koba Tin fell 2.2 % to 1,763 tonnes.

 

Second strong month for Indonesian exports    09 May 2011    

Indonesia's refined tin exports rose 22% year-on-year in April due to improved weather conditions. Preliminary data revealed that the country shipped 9,708 tonnes of refined tin in April, compared to 7,926 tonnes in April last year.

The latest figures follow a strong showing in March, when shipments also topped 9,000 tonnes and were up 38% year-on-year. Cumulative tonnages in January-April totaled 32,278 tonnes, up 16% on the first four months of 2010. The rolling 12-month average of tonnages checked is 96,964 tonnes.


Buying ban hits DR Congo miners    09 May 2011    

Buying rules implemented by the global electronics industry since 1 April has caused considerable hardship in Congo’s Katanga province. The electronics companies have agreed to curb the use of uncertified minerals from the region, the profits from which are partly used to fuel conflict.

Congo has just started to implement a tagging system which results in a de facto embargo on many Congolese minerals, putting at risk the livelihood of many artisanal miners. Around half the artisanal miners left Busanga, looking for other ways to make a living in the minerals-rich country where poverty is very high.

Nearly 300,000 miners and their families totaling as many as 1.5 million people have been affected across Congo's eastern and southern regions as the industry races to put in place traceability programmes.

However, putting out the programme in other places will be a daunting task because it is difficult to implement in areas where the security situation badly needs traceability, especially the Kivus. North and South Kivu and Maniema contributed some 85% of total DRC tin production before production and trade was banned by the government last September.

Due to logistical and financial problems it is uncertain when the programme will be implemented in the east and in the meantime some could attempt to channel 'conflict minerals' through Katanga's certified mines.


Glencore reports Colquiri tailings plan    06 May 2011    

As part of the prospectus for its multi-billion dollar IPO, commodity trading giant Glencore has commented on plans for its zinc, lead and tin operation in Bolivia. Glencore interests are held through one of its subsidiaries which owns Sinchi Wayra, the operator of five mines in the Oruro and Potosi regions of Bolivia. Most of the mines are currently leased from the state mining authority Comibol. The mines produce some 205,000 metric tons of zinc concentrate, 15,000 tons of lead concentrate and 6,000 tons of tin concentrate annually. Recently some unions called for their nationalisation, but this was resisted by the Bolivian government.
In 2009, the Bolivian government enacted a new constitution which requires mining entities to form joint ventures with the government. Glencore has negotiated with the government regarding this requirement, and an outcome of the issue is expected to be announced by the government in the near future. One of the mines is already operated as a JV. It also noted that it is considering a plan to expand production by 2013. The project would require capital of some $65 million.


Minsur's earnings increase    06 May 2011    

Minsur's net profit has increase by 27.5% to 335 million soles (US$119 million) in the first quarter compared to 262 million soles in the same period last year due to higher tin prices. Net sales rose 18.1% to 664 million soles and cost of sales increased 8.2% to 115 million soles. Operating profit was 499 million soles, up 19.9%.

However, refined tin production declined by 2% year-on-year to 8,810 tonnes in the first quarter. Production of tin-in-concentrates at the company’s San Rafael mine fell by 26% to 6,788 tonnes. Mining operation has been slowed down since last August while a review of its tailings storage arrangements was carried out. Peru’s Ministry of Mines has now approved the design of the tailings dam and full operation is expected to be authorized by Osinergmin (the Peruvian agency in charge of auditing mining operations) soon.