Koba Tin resumes shipment
Wednesday, May 9 2007 - 02:38 AM WIB
Bangka-based tin producer PT Koba Tin has resumed delivery and shipment of its production of tin metal from its own dredging and gravel pump operations averaging 500 to 600 tons of tin metal per month, parent company said Tuesday.
Malaysia Smelting Corp Bhd (MSC) said the first shipment of 475 tons of tin metal under the new export license was made and completed in the first week of May 2007.
Production from small scale mining operations within Koba Tin’s Contract of Work area, however, still remains suspended pending the outcome of ongoing discussions with Indonesian authorities, MSC added.
MSC also reported its group pre-tax profit for the first quarter 2007 was RM10.11 million (US$ = RM3.40) compared with RM29.75 million recorded in the preceding quarter.
The lower profit was due to losses incurred by the Indonesian operations mainly as a result of the temporary suspension of Koba Tin activities following the police investigation since January 2007.
Indonesia's tin sector has been under the spotlight after a government's move to crackdown illegal mining in Bangka-Belitung islands last October which forced dozens of independent small smelters to close down their operation. (Robert)