Minsur S.A. reported unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported EBITDA was USD 37.5 million, a 60% decrease compared to second quarter 2014 due to lower tin prices and tin volume sold, partially offset by lower cash cost in all operations. This was mainly explained by lower tin volume sold and lower tin and gold average metal prices, partially offset by higher gold volume sold and lower cash cost per treated ton in all units. Net income was USD 11.7 million, a 69% decrease compared to second quarter 2014, mainly due to a lower EBITDA. In second quarter 2015, net revenue reached USD 156.4 million, a decrease of 35% (-USD 84.2 million) compared to second quarter 2014. This decrease was mainly explained by lower tin and gold average metal prices (-30% and -9%, respectively), lower tin (-22%, due to stocks optimization plan in second quarter 2014) and alloy (-15%) volumes sold, partially offset by higher gold volume sold (+52%). In second quarter 2015, CAPEX amounted to USD 17.5 million, a decrease of 21% compared to second quarter 2014. Operating income was USD 14.815 million against USD 70.185 million a year ago. Profit before income tax was USD 24.565 million against USD 66.551 million a year ago. Profit attributable to owners of the parent was USD 13.864 million or USD 0.481 basic and diluted per share against USD 39.549 million or USD 1.373 basic and diluted per share a year ago.

In six months 2015 capex totaled USD 25.2 million, a decrease of 25% compared to six months 2014. Net debt was USD 5.4 million as on June 2015 against USD 62.2 million as at December 2014. Net sales were USD 326.600 million against USD 485.112 million a year ago. Operating income was USD 52.687 million against USD 159.597 million a year ago. Profit before income tax was USD 28.728 million against USD 151.776 million a year ago. Profit attributable to owners of the parent was USD 1.092 million or USD 0.038 basic and diluted per share against USD 91.467 million or USD 3.173 basic and diluted per share a year ago. Net cash flows provided by operating activities were USD 1.805 million against USD 96.242 million a year ago. Purchase of property, plant and equipment was USD 24.947 million against USD 31.483 million a year ago. EBITDA was USD 96.9 million against USD 206.5 million a year ago.

Average Tin (Sn) Price in second quarter 2015 was USD 16,104 per ton, a decrease of 30% compared to the same period of 2014. Average Gold (Au) Price in second quarter 2015 was USD 1,190 per ounce, a 9% decrease compared to the same period of the previous year.

In six months 2015, Tin prices reached USD 17,011 per ton, a 26% decrease compared to six months 2014. In six months 2015, gold price reached USD 1,206 per ounce, a 7% decrease compared to six months 2014.