...Outlook Stable: Volcan Compania Minera S.A.A.'s Stable Outlook reflects its improved financial performance following successful reductions in cash costs, coupled with lowered capital investments resulting in improved credit metrics in 2016. Volcan's capital structure has started to stabilize despite a period of weak commodity prices during the nine months ended Sept. 30, 2016, with zinc, copper, and lead prices down 4.7%, 16.4%, and 2.4%, respectively, over a year earlier, partially offset by a 5.6% improvement in silver prices. Improving Profitability: Fitch Ratings projects Volcan to generate EBITDA of USD294 million for 2016 with EBITDA margins expanding to 36% from 28% in 2015. The company's EBITDA margin improvement is explained by the decline in production costs and the reduced low-margin volume of third-party concentrates over total sales. Fitch's revenue and EBITDA base case expectations for 2017 are around USD800 million and USD289 million, respectively. Strengthening Credit Metrics:...
