Minsur Reports Q1 Profit Jump

SHANGHAI, May 6 -- Peruvian tin producer Minsur saw its net profit increase 74% in the first three months of 2010 to 230 million soles (US$80 million) from 133 million soles year-on-year, the company reported to securities regulator Conasev. Sales revenue jumped 86% to 563 million soles in Q1 from 302 million soles as a result of an increase in sales volume, as well as a rise in the value of tin, Minsur said. Operating profits were 414 million soles, up 132% from 178 million soles in the first quarter of 2009.

Production of tin-in-concentrates from the company's San Rafael mine rose by 2.3% to 9,223 tonnes in the first quarter, while refined tin production from its Funsur smelter declined 6.8% year-on-year to 8,962 tonnes.