PT Timah to cut tin production cost to $3,200 per ton

PT Tambang Timah plans to cut average tin production costs to $3,200 a metric ton from $3,859/ton in the third quarter, Dow Jones Newswires reported on Monday.

Achieving the target is crucial for the world's largest tin producer to survive with current tin prices between $3,500 - $3,750, the company told Dow Jones Newswires. To achieve the targeted production cost, the company is considering selling "some redundant assets."

The company is also " working on the details" of a large staff retrenchment, Timah said. Thursday, the company sait it is considering laying off 72% of its 5.200 workforce and selling some assets, after recording a 92% net profit drop in the first nine months, as reported. (*)