Timah plans higher capex next year

Petromindo

IDX-listed tin mining firm PT Timah Tbk plans to allocate higher capital expenditure (capex) next year to among others help finance acquisition of a mining company, Bisnis Indonesia reported on Friday.

The paper quoted Timah President Director Riza Pahlevi Tabrani as saying that the company is looking to acquire new mining blocks. He did not provide details on the planned acquisition.

This year, Timah allocates between Rp 1.5-2 trillion capex, of which around Rp 1 trillion has been spent as per September, Riza said, but did not disclose the planned capex figure for 2018.

Aside for financing acquisition, the capex will also be used to finance the purchase of new equipment and drilling programs in Bangka Belitung, he said. (*)