Release: Malaysia Smelting reports developments at PT Koba Tin

(1 August, 2007)--The Board of Directors of Malaysia Smelting Corporation Berhad wishes to advise that the legal counsel for the Company's 75% owned subsidiary, PT Koba Tin, has informed that the three directors of PT Koba Tin who had been charged with the collection of tin ore from small scale miners operating outside its Contract of Work (CoW) area have been fully acquitted of all charges today by the District Court of Sungailiat in the Province of Bangka Belitung.

 

The Board is pleased with the judgment of the District Court of Sungailiat in the Province of Bangka Belitung and, would like to reiterate that PT Koba Tin is a responsible corporate citizen, operating within the legal parameters of Indonesian laws including paying of taxes and royalty for the export of tin from its leases and undertaking the necessary environmental and rehabilitation works.

 

The Company acquired 75% stake in PT Koba Tin in 2002. PT Koba Tin operates under a CoW issued by the Indonesian Central Government and covering a total mining acreage of about 41,000 ha. The CoW has enough reserves to last until its expiry date at the end of 2013. (end of release)