Malaysia?s Bina Puri cancels Indonesian tin mining venture plan

Malaysian firm Bina Puri Holdings Bhd has decided not to proceed with its proposed tin mining venture in Bangka Island, because of low deposits in the area.

Group managing director Tan Sri Tee Hock Seng says Bina Puri had called off its move to venture into tin mining in Indonesia after studies showed that the tin deposits there were found to be not commercially viable.

Bina Puri had earlier entered into negotiations with PT Sangkala Duta Segara Indah of Indonesia that holds a mining concession on Bangka Island.

?We sent our team to carry out test for tin deposits and the results showed that while there were some deposits, it was not commercially viable,? says Tee, who has more than 20 years experience in the tin mining industry in Malaysia.

?Nevertheless, the company is still on the look out for other potential (mining business) locally and overseas due to high metal prices recently. Apart from tin mining, we are looking for opportunities in gold, coal and titanium,? he tells Financial Daily in a recent interview. (*)