Minsur encountered a staggering 70% year-on-year decline in profits in the first quarter of 2023.

Minsur, Peru's sole tin producer, experienced a sharp decline in profits during the first quarter of 2023. The company's earnings dropped by 70% year-on-year to US$61.8M. This significant decrease was primarily attributed to the suspension of operations at its San Rafael mine in the Puno region for over two months. The mine closure was a consequence of the protests against President Dina Boluarte's government. By the end of February 2023, a company executive disclosed that the closed tin mine resulted in lost sales amounting to $118M.

Minsur's San Rafael de Puno tin mine is a significant global tin producer, typically accounting for about 9% of the global tin supply, as per company data. However, in January, the mine had to cease operations after protests erupted following the removal and imprisonment of former President Pedro Castillo in December. Consequently, Minsur's tin production for the first quarter of 2023 declined to 2,716 tons, down from the 5,903 tons reported during the same period in 2022, as stated in a release.

Fortunately, production at the San Rafael mine has now resumed, and the mine is operating normally. Between January and February, Minsur produced 919t of tin, and in March, the output reached 1,797t, according to the Mines and Energy Ministry (Minem) and the company's own figures. While this represents a significant improvement compared to the initial months of the year, it remains below optimal levels. In 2021, the average monthly production reached 2,250t, while in 2022, it was 2,353t.

As the company strives to recover and restore its tin production to optimal levels, industry observers will closely monitor Minsur's progress and the future implications for Peru's tin mining sector.