Investors
Why Invest In Tin?
Tin is a critical mineral essential for the electrification of the planet.
Tin Demand
The demand for tin is poised for exponential growth, driven by the accelerating shift towards clean energy. Forecasts indicate a significant uptick in demand, particularly from sectors such as solar panels, energy storage solutions, electric vehicles (EVs), computing, and semiconductors. Presently, soldering constitutes approximately half of all tin usage, serving as the vital adhesive that connects electronic components.
As the global transition towards cleaner energy sources intensifies, the reliance on tin for various applications within the electronics industry increases. Its pivotal role in soldering underscores its indispensability in facilitating the functionality of electronic devices essential for modern living. This dual dynamic of growing demand from clean energy sectors and the indispensable role of tin in electronics underscores its pivotal position in driving future market growth.
Tin demand from the energy transition and increased electrification
Source: Bloomberg NEF, Rho Motion, Macquarie Strategy, September 2023
Tin Supply Shortfall
Top 10 tin concentrate producers
| Country | 2023 | 2024 | 23/24 (%) |
| China | 69,500 | 71,000 | 2.2% |
| Indonesia | 75,000 | 52,524 | -30.0% |
| Peru | 26,228 | 32,316* | 23.2% |
| DR Congo | 21,700 | 25,000* | 15.2% |
| Myanmar | 40,560 | 21,300 | -47.5% |
| Bolivia | 18,516 | 20,437 | 10.4% |
| Brazil | 23,825 | 19,276 | -19.1% |
| Australia | 9,582 | 11,276 | 17.7% |
| Nigeria | 6,730 | 9,500* | 41.2% |
| Malaysia | 3,768 | 4,132* | 9.7% |
| Global total | 308,649 | 279,067 | -9.6% |
Data: 2025 International Tin Association. All Rights Reserved.
* Estimated
Top 10 refined tin producers
| Country | 2023 | 2024 | 23/24 (%) |
| China | 185,500 | 193,990 | 4.6% |
| Indonesia | 72,000 | 49,898 | -30.7% |
| Peru | 25,374 | 30,926 | 21.9% |
| Bolivia | 14,899 | 17,932 | 20.4% |
| Malaysia | 20,722 | 16,291 | -21.4% |
| Brazil | 15,394 | 14,756 | -4.1% |
| United States | 9,430 | 10,000 | 6.0% |
| Thailand | 9,180 | 9,471 | 3.2% |
| Belgium | 9,508 | 7,937 | -16.5% |
| Poland | 3,988 | 4,829 | 21.1% |
| Others | 15,485 | 16,101 | 4.0% |
| Global total | 381,479 | 372,131 | -2.5% |
Data: 2025 International Tin Association. All Rights Reserved.
A significant portion of the world’s tin production originates from regions fraught with instability, including China, Indonesia, Myanmar, Peru, and the Democratic Republic of Congo. In 2024, these jurisdictions collectively accounted for approximately 72% of global tin supply.
Recent developments in key producing areas have added strain to the global tin market. For instance, Indonesia imposed a ban on all unrefined tin exports in June 2023 and Myanmar’s Wa State suspended all tin mining in August 2023. More recently, conflict escalation in Myanmar’s Wa State resulted in the April/May 2025 hiatus of operations at the Bisie Mine, which generated approx. 6% of global tin production in 2024.
In both 2023 and 2024, there was a significant shortfall between concentrate and refined tin production of 22.0% and 24.8%, respectively. Without Myanmar and Indonesia’s supply, this shortfall between concentrate and refined tin production could inflate further. Additionally, dwindling reserves and declining ore grades in existing mines have led to a reduction in tin production. This trend, coupled with minimal investment in tin exploration, has resulted in a lack of viable projects to offset the forecasted tin deficit. As a consequence, the global tin market faces mounting pressure as geopolitical uncertainties and production challenges converge to strain the already delicate supply chain.
Tin Market Deficit
Source: Macquarie Bank research | Reuters, February 2024
The current demand and supply dynamics for tin is expected to create extended deficits in the tin market and is anticipated to swing into a deficit during 2024. There are a limited number of projects in Tier 1 Jurisdictions with low ESG risk that will be able to fill the growing supply gap.
Stellar Resources is well placed to be able to fill the looming tin supply gap with its high-grade Heemskirk Tin Project located in Zeehan, Tasmania.