BoE Keeps Rates Unchanged, Three Members Vote for Hike

The world's second-largest refined tin producer Minsur reported that its Pisco smelter in Peru produced 7,034 mt of refined tin in Q2 2026, down 1% YoY. H1 cumulative refined tin production was 15,349 mt, down 2% YoY. The company attributed the slight decline in tin production to lower feed concentrate grades at the smelter—a strategic adjustment to maximize recovery rates—partially offset by increased throughput at the Pisco smelter. By project, tin-in-concentrate production from the San Rafael underground mine rose 14% YoY to 7,359 mt in Q2, with H1 cumulative output of 13,455 mt (up 6% YoY); B2 tailings output grew 11% to 2,152 mt in Q2, with H1 cumulative production of 4,049 mt (up 7% YoY). Total tin-in-concentrate production in Q2 rose 13% YoY to 9,511 mt, and H1 cumulative output reached 17,504 mt, up 6% YoY. At San Rafael, the Q2 head grade increased 13% to 2.88% Sn, while the H1 average head grade was 2.64% Sn, up 8% YoY. Minsur noted that the ore sorting system handled a greater volume of low-margin ore.

Australian tin miner Metals X Limited (ASX: MLX) released its Q2 2026 operational report. The report showed that the company’s Renison tin mine produced 2,809 tonnes of tin metal in tin concentrates in Q2, down approximately 2.7% QoQ from 2,887 tonnes in Q1. On the production side, ore mined totaled 200,300 tonnes in Q2, down 6.11% QoQ, mainly due to limited availability of loaders, trucks, and hoists, along with stope sequencing delays. The ore grade mined was 1.58% Sn, slightly lower than the 1.63% in Q1. Ore milled reached 183,800 tonnes, up 14.60% QoQ, with mill head grade declining to 1.95% Sn (Q1: 2.24% Sn), and the processing recovery rate was 78.55% (Q1: 80.35%). For the Renison mineral resource update, total resources increased to 21.8 million tonnes at a grade of 1.38% tin, containing 300,300 tonnes of tin. Measured and Indicated tin content rose 7% to 264,100 tonnes. The mine life plan and ore reserve update are expected to be completed in Q3.

Indonesian tin miner PT Timah Tbk (IDX: TINS) released its H1 2026 performance report. The report shows tin ore production in H1 was 12,232 mt Sn, up 75% YoY, including onshore production of 4,716 mt (up 97%) and offshore production of 7,516 mt (up 63%). Refined tin production was 10,865 mt, up 58% YoY; refined tin sales were 10,984 mt, up 85% YoY. On a monthly basis, refined tin production in Q2 2026 was 5,235 mt, down 7.0% from the previous quarter.