有色金属海外季报：Alphamin2024Q4锡产量环比增长7%至5237吨，锡销量环比下降11%至4942吨

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q4 2024, tin production increased by 7% to 5,237 tons, while sales decreased by 11% to 4,942 tons due to adverse weather conditions affecting transportation [1][2] - For the full year 2024, tin production reached 17,324 tons, a 38% increase year-on-year, driven by the Mpama South expansion project [2][3] - The average tin price in Q4 2024 was $30,371 per ton, down 4% quarter-on-quarter but up 21% year-on-year [4][7] - The projected tin production for 2025 is approximately 20,000 tons, benefiting from the Mpama South expansion [3] Production and Operational Performance - In Q4 2024, the processed ore volume was 232,900 tons, a 2% increase quarter-on-quarter and a 121% increase year-on-year [1] - The average recovery rate for processing facilities in Q4 2024 was 75%, exceeding the target of 73% [1] - The tin grade for processed ore in Q4 2024 was 3%, slightly higher than the previous quarter's 2.9% [1] Financial Performance - The estimated EBITDA for Q4 2024 is $76.2 million, a 17% decrease from the previous quarter but a 275% increase year-on-year [4] - The estimated all-in sustaining cost (AISC) for tin sales in Q4 2024 is $15,106 per ton, down 4% quarter-on-quarter and up 3% year-on-year [4]