Govt to ban tin ore exports from Apr 1: Report
Thursday, March 14 2002 - 02:15 AM WIB
Indonesia's Trade and Industry Ministry will impose a ban on tin ore exports from April 1, 2002, and will only allow exports of refined tin, Dow Jones Newswires reported on Wednesday.
The much-anticipated ban is part of the government's efforts to halt illegal tin mining, which drove world tin prices to a record low last year.
"Minister Rini Soewandi decided to start the ban from April 1. We'll make an official announcement as soon as possible," Ferry Yahya, the ministry's director of agriculture and mining products was quoted by Dow Jones Newswires as saying.
Indonesia is home to PT Tambang Timah (P.TAM), the world's largest integrated tin producer. In 2001, the company's net profit was down 89% on-year, due to steep falls in tin prices and illegal mining. (*)