Timah appointed as operator of ex-Koba Tin concession

IDX-listed tin giant PT Timah Tbk has been appointed by the Ministry of Energy and Mineral Resources as the operator of the former tin concession of PT Koba Tin on Bangka Island, Bangka Belitung Province, Bisnis Indonesia reported Friday.

Timah President Director Sukrisno said that the local administrations of Bangka Belitung province and Bangka Tengah and Bangka Selatan regencies together own a 60 percent stake in a company, assigned to take over the former Koba Tin asset, while Timah holds a 40 percent stake. ?But we have been appointed as the operator,? he said.

The government has decided to transfer the tin concession to the joint venture firm after Koba Tin?s contract expires. Malaysia?s Smelting Group owned 75 percent of Koba Tin, while Timah 25 percent. (*)