Government plans to takeover Koba Tin assets
Tuesday, June 13 2017 - 03:01 AM WIB
Petromindo|Thomas
The government is currently making preparations to take over the assets of PT Koba Tin in Bangka Belitung if the company continues to fail to implement mandatory reclamation and post-mining programs at its former tin mine sites in the province.
Director of Mineral Development and Management at the Ministry of Energy and Mineral Resources, Bambang Susigit said on Monday that the ministry is currently in the process of collecting data on the Koba Tin assets, which will be handed over to the Ministry of Finance which will take over the assets.
The tin mining operations of Koba Tin has ended since September of 2013, but to date the company has yet to carry out the required reclamation of the ex-mining sites. Koba Tin is 75 percent owned by Malaysia Smelting Corporation and 25 percent owned by IDX-listed tin giant PT Timah Tbk.
Bambang said that the ministry will carry out the reclamation work if the company could not implement the reclamation and post-mining programs. He said that the company had put a deposit worth US$1.8 million, but the ministry could not yet use the funds until the company makes official statement that it will not proceed with the reclamation work. (*)