有色金属海外季报：Minsur2025Q2年锡锭产量同比下降1%至7,089吨，精炼锡的单位现金成本同比下降3%至9,588美元吨

Investment Rating - The industry is rated as "Recommended" [9] Core Insights - In Q2 2025, refined tin production decreased by 1% year-on-year to 7,089 tons, primarily due to extended maintenance at the Pisco smelter [1] - Refined tin sales increased by 2% year-on-year to 7,227 tons, while the average price remained stable at $32,318 per ton, showing a 2% increase quarter-on-quarter [2][3] - The unit cash cost for refined tin decreased by 3% year-on-year to $9,588 per ton, but increased by 33% quarter-on-quarter [4] - Gold production fell by 17% year-on-year to 11,995 ounces, with sales down 9% to 12,231 ounces, while the average price rose by 41% year-on-year to $3,289 per ounce [8][12][13] - Copper production increased by 27% year-on-year to 33,308 tons, driven by improvements in processing at both sulfide and oxide plants [15] - Silver production surged by 95% year-on-year to 932,874 ounces, with sales up 115% [18][19] - Net revenue for Q2 2025 reached $605.2 million, a 19% increase year-on-year, supported by higher copper and gold prices [20][21] - EBITDA for the same period was $368.4 million, also a 19% increase year-on-year, maintaining an EBITDA margin of 61% [22] - Net income from continued operations rose by 67% year-on-year to $206.8 million, benefiting from operational improvements and favorable tax impacts [23] Summary by Sections Production Performance - Refined tin production: 7,089 tons, down 1% YoY [1] - Gold production: 11,995 ounces, down 17% YoY [8] - Copper production: 33,308 tons, up 27% YoY [15] - Silver production: 932,874 ounces, up 95% YoY [18] Financial Performance - Net revenue: $605.2 million, up 19% YoY [20] - EBITDA: $368.4 million, up 19% YoY [22] - Net income from continued operations: $206.8 million, up 67% YoY [23]