...Low-Cost Tin Producer: Minsur S.A.'s investment-grade ratings are supported by its position as the world's fourth-largest tin producer, with production of about 26,000 metric tons of refined tin expected in 2016. Minsur's cash cost of production is in the first quartile of the industry as verified by the International Tin Research Institute (ITRI). This low cost of production allows the company to generate neutral to positive operating cash flows during periods of low tin prices. Low Net Debt: Minsur has a track record of very low leverage exhibited by the company's five- year rolling average total debt/EBITDA of 2.1x and net debt/EBITDA of 0.4x. Minsur recorded gross and net leverage ratios of 2.6x and 0.6x, respectively, for 2016. These figures are expected to remain relatively stable as of year-end 2016. Net leverage is projected to increase moderately during 2017¡2019 as Minsur generates negative FCF due to higher levels of capex. Diversification into Copper: Minsur's copper asset,...
