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Minsur's gold output jumps 26%, tin production drops 6% YOY in Q4'17

Minsur SA's gold production in the fourth quarter of 2017 jumped 26% year over year to 24,583 ounces, driven by higher amounts of feed and ore treated at its Pucamarca gold mine in Peru, according to a March 2 release.

Tin output, meanwhile, fell 6% to 6,331 tonnes due to lower ore grade fed to the concentration plant at its San Rafael tin mine, also in Peru, and the outsourcing of surplus concentrate treated at its Pitinga joint venture in Brazil.

Ferroalloy output soared 152% to 1,232 tonnes due to the startup of a new niobium and tantalum flotation plant and expansion of smelting operations at Pitinga.

Full-year gold and tin output dropped 5% and 3%, respectively, to 100,010 ounces and 24,615 tonnes. Ferroalloy production, meanwhile, jumped 77% to 3,252 tonnes.

Minsur swung to a net loss of US$8.8 million in the fourth quarter from a year-ago profit of US$ 38.5 million, while full-year net income declined 8% to US$80.7 million.

Quarterly EBITDA rose 15% to US$55.4 million while revenue declined 3% to US$167.5 million.

Revenue in 2017 rose 9% to US$672.1 million while EBITDA jumped 22% year over year to US$253.8 million.

For 2018, gold production is expected to range from 90,000 to 100,000 ounces, while tin output is expected to come in at between 22,500 and 24,500 tonnes. Minsur also anticipated producing between 3,000 and 3,500 tonnes of ferroalloys for the year.