Minsur S.A. reported consolidated earnings and operating results for the first quarter ended March 31, 2016. For the quarter, the company reported net revenues of USD 127.0 million compared to USD 170.2 million a year ago. Operating income was USD 29.1 million compared to USD 37.9 million a year ago. Profit before income tax was USD 26.1 million compared to USD 4.1 million a year ago. Net income was USD 18.9 million compared to net loss of USD 15.1 million a year ago. EBITDA was USD 44.3 million compared to USD 61.8 million a year ago. Adjusted net income was USD 14.0 million compared to USD 9.1 million a year ago. The decrease in revenue is explained by lower sales volume of tin and alloys (-19% and -62%, respectively) as well as lower tin and gold prices (-16% and -3%, respectively), partially offset by a higher volume of gold sold (16%). The decrease in EBITDA was explained by lower volumes of refined tin and niobium and tantalum alloy sales, as well as a decrease in tin and gold prices, partially offset by savings in administrative and exploration expenses, and projects. Net debt was USD 12.9 million as of March 2016 against USD 43.7 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 5,217 tons compared to 5,883 tons a year ago. Gold (Au) was 33,517 oz compared to 28,778 oz a year ago.