Responsible tin pioneer named in Top 100 Women in Mining 19...

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0	Column 1 0 Column 1 0 Responsible tin pioneer named in Top 100 Women in Mining

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Column 1 0 Column 1 0 19 November: The Women in Mining organisation has recognised the pioneering work of Kay Nimmo at the International Tin Association in achieving practical solutions to the challenges of responsible minerals sourcing, including the ITSCI programme to resolve conflict mineral concerns, and more recently the tin industry Code of Conduct.WIM is a non-profit organisation dedicated to promoting the development of women in the mining sector who this year received 642 nominations from the industry worldwide for women considered inspirational, making the effort to go above and beyond their daily responsibilities. Kay was selected for the Top 100 listing based on criteria such as perseverance in the face of adversity and a trail-blazing approach. The 2018 edition of “Top 100 Global Inspirational Women in Mining”, co-sponsored by BMO Capital Markets, was launched at the Landsdowne Club, London on 15th November.“I am delighted to have been honoured, and to have the opportunity to support the important work of Women in Mining and provide inspiration for all women in the mining sector” said Kay. More information about Women in Mining and a copy of the 2018 edition of “Top 100 Global-Inspirational Women in Mining” can be accessed at their website here (pdf file)

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0	Column 1 0 Column 1 0 ITA Explorers and Developers Group - 2018 Members Profile Report

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Column 1 0 Column 1 0 29 November: The International Tin Association has published a free report (available here) with one-page profiles on the members of its Tin Explorers and Developers Group.The Tin Explorers & Developers Group was established in 2011 to facilitate networking and communication opportunities for companies who are actively developing tin mine projects globally and its current member’s projects represent some of the most promising sources of future tin mine supply.This report profiles these companies and provides information on the flagship tin projects they are working to develop, which are amongst the most promising potential sources of new tin supply worldwide.

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0	Column 1 0 Column 1 0 Chinese smelters cut production in Q4

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Column 1 0 Column 1 0 28 November: Chinese tin smelters have been cutting back refined production in Q4 and scheduling maintenance because of a shortage of suitable concentrate.The most significant driver has been a decline in Myanmar’s tin concentrate shipments this year, which account for 40 percent of China’s raw material supply. Stocks of tin-in-concentrate have been drawn down since March but this largely ended in August as the large quantity of raw material inventory in the warehouses of China and Myanmar ports was exhausted. The ongoing relocation of ore processing plants in Yunnan has also led to reduced availability of high-grade concentrate, which is needed to blend with lower grade material. Smelting and processing fees continue to fall dramatically, with the tolling charge for 40 %Sn tin concentrates falling from 17,000 yuan per tonne to 14,000 yuan per tonne, and for 60%Sn concentrates from 12,000 yuan per tonne to 10,000 yuan per tonne as of mid-November.Some Chinese smelters have partially closed or closed entirely in Q4 in response to the situation while others, like Yunnan Tin Company, have scheduled maintenance of their plants. The shutdowns could reduce monthly Chinese output of refined tin by 4,000 tonnes in November and 5,000 tonnes in December. It is estimated that domestic refined tin output in 2018 will decline by about 8% year-on-year and in the in the fourth quarter will decline by 29% year-on-year, and 18% quarter-on-quarter.Our view: Smelters in China are braced for a difficult winter, especially in Yunnan Province, with lower monthly shipments of Myanmar concentrate expected to continue. Many smelters in Yunnan are on the brink of profitability, although the situation is better for smelters in other provinces. Tin concentrate availability is expected to intensify towards the end of 2018 and the situation could worsen in early 2019 if there are issues with domestic processing plant relocations or further declines in Myanmar tin mining output.

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0	Column 1 0 Column 1 0 China’s tin imports fall month-on-month in October

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Column 1 0 Column 1 0 28 November: According to the latest customs data, China imported 13,768 tons of tin ore and concentrate (gross weight) in October 2018, of which 13,387 tons were imported from Myanmar. The tin content of shipments from Myanmar was estimated at 3,300 tons in October, down 11% from the previous month and up 6% from a year earlier.From January to October, China imported an estimated 46,000 tons of tin from Myanmar, down 5% from about 48,600 tons a year earlier. Customs data also shows that in October this year, China imported 136 tons of tin ingots, mainly from Indonesia; Tin ingot exports were 609 tons, mainly through Hong Kong.Our view: Shipments of tin from Myanmar in October were in line with our expectations, with the trend of declining output from Myanmar sustained. Local production remains dependent on the extraction of old mines, where the grade of tin has reduced to 1-2%. Deeper mineralisation is still promising but difficult to exploit because of the high temperatures and hot water. Large stockpiles of ore built up in recent years and used to bolster concentrate production are projected to be depleted by the end of the year. We expect monthly shipments to be about 4,000 tons in November and December, and therefore that shipments will be around 18% lower than last year.

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0	Column 1 0 Column 1 0 Minsur reports mixed Q3 output

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Column 1 0 Column 1 0 28 November: Minsur has announced mixed results for its Peruvian and Brazilian tin operations in Q3, with Peruvian refined tin production falling 4% year-on-year to 4,801 tonnes despite a 1% rise in mine output to 4,877 tonnes. Conversely, Brazilian refined tin output rose 5% to 1,714 tonnes, despite a 6% decline in output from the Pitinga mine to 1,606 tonnes.The year-on-year decline in Peruvian refined tin output was mainly due to lower concentrate volumes fed to the smelter compared to Q3 2017 where ore stocks at the smelter were being drawn down. Despite the Q3 decline, production in the first nine months of 2018 is 1% higher than the same period of 2017. This is mainly due to an optimisation of the smelter to process higher volume concentrates at a lower tin grade, allowing greater tin recoveries at the San Rafael Mine during the ore processing stage. This better than expected performance of Minsur’s Peruvian operations has resulted in a revision of official production guidance in 2018 from 16,500 – 17,500 tonnes to 18,000-18,500 tonnes.At the Pitinga mine in Brazil, output fell year-on-year in Q3 due to a lower volume of ore treated, although refined tin output increased to a higher volume of sintered concentrate fed to the smelter and higher recoveries. Cash costs net of by-product in Q3 almost halved to US$5,786 per tonne of tin compared to $11,157 a year earlier. The main reason has been the significant increase in tantalum and niobium ferroalloy production, up 30% year-on-year to 1,062 tonnes.Our View: Production from Minsur’s San Rafael Mines continues to surpass expectations, with production in 2018 likely to be around 1,500 tonnes higher than anticipated at the beginning of the year. Concerns in recent years about the longevity of the San Rafael Mine operation have been focussed on the depletion of tin resources, rather than the mine’s cost competitiveness. Minsur has been working hard to address these concerns through drilling and exploration, discovering ore with almost 7,000 tonnes of metal content in Q3 in a current campaign which plans to extend through 2019. At the satellite deposit of Nazareth, the company has also defined 9.9 million tonnes of ore at 1.9% Sn, which it claims will allow an 8-year extension of the life of the existing mine. Construction of the company’s B2 tailing project appears be progressing well, with development reported at 52% complete and first production anticipated in late 2019.

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0	Column 1 0 Column 1 0 Tinplate industry restructures to handle trade challenges

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Column 1 0 Column 1 0 6 November: As part of the wider steel industry crisis on overcapacity, tinplate mills are engaged in a series of restructuring moves to handle the impact of trade challenges.Steelmaker Arcelor Mittal has agreed with the European Commission to divest four of its mills as part of its acquisition of Italian steel and tinplate producer Ilva, including a tinplate line in Belgium. Arcelor, the world’s largest steelmaker, reported a 25% decline in net income for the quarter ended September. The EU has also launched an in-depth probe into the recent Tata-ThyssenKrupp merger, supposed to report by the end of October.In Asia, Malaysia tinplate producer Perstima plans to set up new tinplate production in the Philippines, where there is currently no local supply. China export VAT rebate on metal packaging, including tinplate, has been adjusted higher from November to further encourage exports, with steady tin use expected in the next few months. US tariffs are unlikely to impact China production, with US tinplate exports at only 3%. However there is disruption in the US tinplate market, with imports falling 12% in August and leading canmakers such as Independent Can dealing with delivery delays and quality flaws.

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0	Column 1 0 Column 1 0 W Resources commences production at La Parrilla

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Column 1 0 Column 1 0 29 November: AIM-listed W Resources Plc has announced the early commencement of production at its La Parrilla open pit tungsten and tin mine in the Extramadura region of southwest Spain.The production from the existing concentrator using tailings material at the plant is the first step in building up to full mine production in H1 2019. In Q1 2019 the company plans to switch from tailings feed to higher grade ore from the mine once a crusher is completed and commissioned in December. Construction of a large scale concentrator is scheduled for completion in Q1 2019 which will allow ramp up to design capacity over the course of 2019.The design capacity of the “T2” development is an annual output of 2,500 tonnes of tungsten concentrate and 500 tonnes of tin concentrate. The tin content of the concentrate is targeted at 60%Sn + so we estimate that a production rate of some 300 tonnes a year of tin-in-concentrate is possible by the end of 2019. Design and engineering of T2 leaves open the possibility of ramping up output to 3.5 million tpa (the "T3.5 Expansion") with further investment in the future.Our View: W Resources has already produced small amounts of tin and tungsten since 2014 from historical mine tailings at the site on a campaign basis, following an economic decision to integrate such reprocessing with the current development of the open pit mining operation. The targeted volumes of tin output are small on a global basis, but if achieved they would make La Parrilla the largest European producer of tin-in-concentrate. W Resources will hope to have better success than Wolf Minerals, whose Hemerdon tungsten-tin mine in the UK ceased production in October following the company’s collapse into administration. La Parrilla’s different geology should help the operation avoid some of the geological issues which hampered the Hemerdon mine ramp-up, which included processing issues related to high levels of clay and fines.

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