...Minsur S.A.'s investment-grade ratings reflect the company's business position as one of the world's largest and lowest- cost producers of tin and its historically robust, conservative capital structure. Minsur is a small-scale company, although it ranked as the world's fourth-largest tin producer in 2018 due to the global market for tin being relatively minor relative to other base metals. Minsur's main asset is the San Rafael underground mine in Peru, one of the world's largest underground tin mines, producing around 6% of global supply. The company also produces gold, niobium and tantalum. The Negative Outlook reflects Fitch Ratings' view that Minsur's credit profile will be stressed over the next 12¡18 months as the company invests in its transformational copper project, Mina Justa, which is expected to start commercial production in 2021. The company's net leverage could peak above 4.5x in 2020, considering tin prices of USD19,500/metric ton (mt). Fitch consolidates all of the project...
