...Largest Peruvian Zinc, Lead and Silver Producer: Volcan Compania Minera S.A.A.'s investment-grade rating is supported by its operations in Peru (BBB+/Stable), a country of vast mineral resources and a favorable mining jurisdiction. Volcan's `BBB¡' rating reflects its diversified revenues from 12 mining operations, seven concentrator plants and one lixiviation plant across the Central Andes region. According to Thomson Reuters GFMS, the company ranks as the sixth-largest zinc producer and seventh-largest silver producer globally. First Quartile Position: Volcan's first quartile position in C1 zinc and silver cash costs allow the company to generate reasonable cash flow levels during periods of lower prices, absent significant capex and dividend payments. Volcan improved its financial position in 2016 following reductions in cash costs, coupled with lowered capital investments, resulting in improved credit metrics. Capex is likely to increase, but cash flow generation will benefit from a...
