Tin miner Timah to expand operations to Nigeria
State-owned tin miner PT Timah is set to team up with Nigeria-based Topwide Ventures Limited to jointly develop a tin mining site in Nigeria.
Timah signed a joint venture agreement with Topwide on Monday in Abuja, Nigeria, which will pave the way for both parties to jointly conduct a feasibility study, geological mapping and exploration drilling in the country.
“Furthermore, we will establish a joint venture company that will own [the project] and manage exploration activities, mining operations, processing and refining processes, shipment, sales and marketing of tin and its derivatives in Nigeria,” Timah production and operations director Alwin Albar said in a statement on Wednesday.
“The construction process will begin after the establishment of the new corporation.”
As of March, Timah controlled 752,644 tons of tin resources and 323,618 tons of tin reserves, with a lifespan of around 20 years and 10 years, respectively.
Within the first nine months of 2017, Timah was able to record Rp 6.6 trillion (US$486.4 million) in revenue, up 44.17 percent year-on-year. Its net profit skyrocketed to Rp 300.57 billion from only Rp 50.65 billion in the same period last year.
At the same time, Timah produced 22,837 metric tons and sold 21,588 metric tons of refined tin, up 42.7 percent and 16 percent, respectively. Its average selling price stood at $20,557 per metric ton, climbing by 18.85 percent annually. (bbn)
source: thejakartapost
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