...First Quartile Tin Producer: Minsur S.A.'s main asset, the San Rafael mine, exhibited a cash cost of USD8,119/metric tons (MT) of tin for the nine months ended Sept. 30, 2014, placing it in the first quartile of the cash cost curve for the industry, according to the International Tin Research Institute (ITRI). Its low cost of production has allowed Minsur to generate positive cash flow from operations (CFFO) during periods of low tin prices. Its San Rafael mine is the largest underground tin mine in the world with the highest average tin grade in the industry at 2.48% in 2014, according to the ITRI. Modest Increase in Leverage: Fitch Ratings' base case forecast for the stand-alone mining operations at year-end 2015 indicates total debt/EBITDA of about 2.2x and net debt/EBITDA of about 0.1x. These leverage ratios are expected to peak in 2016, as the company begins to erode the balance of debt proceeds as it ramps up various projects. Fitch expects FFO adjusted leverage to increase to 2.3x...
