Minsur S.A. reported earnings and operating results for the first quarter ended March 31, 2016. For the quarter, the company reported net revenues of USD 107.3 million compared to USD 133.5 million a year ago. Operating income was USD 42.1 million compared to USD 44.5 million a year ago. Profit before income tax was USD 29.3 million compared to USD 7.6 million a year ago. Net income was USD 19.4 million compared to net loss of USD 12.8 million a year ago. EBITDA was USD 52.8 million compared to USD 62.5 million a year ago. Adjusted net income was USD 24.8 million compared to USD 18.3 million a year ago. The decrease in revenue was mainly explained by lower tons of tin sold (-18%) and lower tin and gold average metal prices (-16% and -3%, respectively), partially offset by a higher volume of gold sold (16%). This decrease in EBITDA was mainly due to optimization and prioritization of exploration projects at San Rafael surrounding areas. Net debt was USD 31.3 million as of March 2016 against USD 136.1 million as of December 2015. CAPEX was USD 18.2 million compared to USD 7.8 million a year ago.

For the quarter, the company's Tin (Sn) production was 4,321 tons compared to 4,776 tons a year ago. Gold (Au) was 33,517 oz compared to 28,778 oz a year ago.