Timah cancels plans to acquire Rukindo

State owned tin mining company PT Timah has canceled its plan to take over dredging company PT Pengerukan Indonesia (Rukindo), a company official said Thursday.

Timah president director Thobrani Alwi said that the independent consultant hired to assess the acquistion plan had advised the firm drop the plan as the acquisition would not economically benefit Timah.

Thobrani also said Timah was currently in talks with a company that holds a coal mining authoritization permit in East Kalimantan. He, however, refused to provide details.

Timah has bought several coal mines to offset potential revenue decrease from its tin mining operation. (godang)