Malaysia Smelting to complete divestment of Koba Tin stake end of 2014

Malaysia Smelting Corp Bhd (MSC) expects to complete the ongoing divestment process of its stake in Indonesia?s tin producer PT Koba Tin and other assets by the end of this year, Malaysia?s The Star reported on Saturday.

MSC has controlled Koba Tin for more than 10 years via its 75 percent stake in the company. The Malaysian firm decided to quit Koba Tin after its mining contract expired late in March as the government of Indonesia turned down a request for an extension.

?MSC is exiting completely from Indonesia hopefully by the end of this year,? said its new chief executive officer Chua Cheong Yong in an interview.

Efforts are currently ongoing to sell MSC?s entire stake in KobaTin and also, to dispose its assets such as stocks of tin contained in smelting intermediates and slags, a large capacity bucket-line dredge and a smelting plant in Indonesia, he said.

Earlier reports said that Indonesia?s state controlled tin giant PT Timah Tbk and the local government of Bangka Belitung administration are seeking to acquire the Koba Tin stake and assets from MSC. (*)