Timah plans Rp 1.5t capex to finance expansion

IDX-listed tin giant PT Timah Tbk will allocate between Rp 1 trillion and Rp 1.5 trillion of capital expenditure next year to finance expansion of production facilities, exploration program, and purchase of new equipment, Kontan reported on Tuesday.

The paper quoted Timah Corporate Secretary Amin Haris Sugiarto as saying that the company also plans to develop a new refinery in Muntok, Bangka Belitung, to process low grade tin.

Amin said the company will also acquire new vessels next year, but did not disclose how many. As per October of this year, Timah has purchased two new vessels for production process.

In a bid to find new reserves, Timah will also implement exploration program in a number of areas, he said, but declined to disclose the targeted locations. (*)