全球锡矿梳理（二）-20250603

Report Summary 1. Industry Investment Rating No information provided. 2. Core View Overall, there are not many new tin mine projects outside Asia, and the incremental output is lackluster. The main variable for tin mine supply in 2025 still lies in whether the Manxiang tin mine in Myanmar can resume production smoothly. Currently, it seems only a matter of time for the resumption of Myanmar's tin mines. In 2025, tin mine production in Indonesia is also expected to further recover, and tin mine supply may gradually shift from shortage to abundance within the next year [2][24]. 3. Summary by Directory Africa's Major Tin Mine Projects - In 2024, Africa's total tin mine production exceeded 40,000 tons, a year - on - year increase of nearly 23%. The increment was mainly contributed by the Bisie mine in Congo (Kinshasa). Tin mine production in other African regions also increased, with year - on - year growth rates of 41% and 59% in Nigeria and Rwanda respectively [4]. - The Bisie mine operated by Alphamin in Congo (Kinshasa) achieved a stable annual output. After the new Mpama South concentrator was put into production in May 2024 and gradually reached full capacity, the annual output is expected to reach about 8,500 tons in the next few years. In 2024, Congo (Kinshasa)'s tin mine production reached 25,000 tons, a 15% year - on - year increase. In 2025, the company's tin output is expected to be reduced from 20,000 tons to 17,500 tons, with the annual total output remaining basically the same as last year [4]. - The Uis tin mine in Namibia is one of the world's largest tin mines. After being acquired by Afri Tin in 2018, it was rebuilt in two phases. Currently, the annual output is about 1,000 tons. In 2024, with investment from Orion Resource Partners, the company plans to expand tin production to 1,600 metal tons per year [5]. South America's Major Tin Mine Projects - In the 20th century, South America was a major tin - producing region globally. The main tin - producing countries are Brazil, Peru, and Bolivia. In 2024, Peru's tin mine production exceeded 32,000 tons, a 23.2% year - on - year increase, thanks to a 17% increase in the output of the San Rafael mine of Minsur [9]. - Brazil's Pitinga mine has a large resource volume, but its output has been declining in recent years due to environmental policies and the crackdown on illegal mining. Bolivia mainly has state - owned smelting, and in 2024, its tin mine production increased by 8.6% year - on - year to 20,000 tons [9][13]. - Peru's San Rafael tin mine is the world's third - largest. In 2024, its tin mine output reached 24,400 tons. In 2025 Q1, the cash cost per ton of tin decreased significantly, by 34% year - on - year to $7,235 per ton [13]. - Brazil's tin mine output ranked sixth in the world in 2024, with 19,000 tons. The Pitinga tin mine has a resource reserve of 585,700 tons. In 2024, its tin output was 6,497 tons. Bolivia's tin production has remained stable around 20,000 tons since the 21st century, and in 2025, it was 21,000 tons [14]. Australia's Major Tin Mine Projects - In 2024, Australia's tin concentrate production increased by 17% to 11,000 tons, thanks to the good performance of the Renison mine of Metals X. The Ardlethan tailings project is in pilot production, and the annual output is expected to reach 1,000 - 2,000 tons after full capacity [19]. - The Renison tin mine is a joint - venture between Metals X and Yunnan Tin Group. The average full - life - cycle cost per ton of tin is estimated to be A$26,247. The Ardlethan tin mine is owned by EOE, a subsidiary of ATR. If the pilot production of the tin tailings project is successful, the company plans to expand the processing plant's capacity to 150 tons per hour, and the annual output is expected to reach 2,000 tons [19][21]. Overall Global Tin Mine Supply Outlook in 2025 - The total global tin mine production in 2024 was 278,700 tons, and it is expected to reach 294,100 tons in 2025, with an increment of 15,400 tons. The main variables affecting supply are the resumption of the Manxiang tin mine in Myanmar and the recovery of production in Indonesia [24][25].