Timah's tin exploration in Myanmar and Vietnam waiting for licenses
Wednesday, September 20 2000 - 02:30 AM WIB
Publicly-listed tin miner PT Timah said that it could not explain in detail about the temporary schedule and funding for its plan to prospect for tin in Myanmar and Vietnam because it had not yet secured licenses from both governments to explore for tin.
"Temporary schedule of the exploration has not been set yet since the company is still waiting for the license," Timah said in a statement dated Sept. 15, 2000.
It added that the funding for the planned exploration would be managed internally until a definite funding structure is acquired.
The company's target of exploration in the two countries was to ensure the economic viability of tin mining potentials in those areas, the statement said.
The planned mining exploration sites - offshore Myanmar and Vietnam -- are located in the Southeast Asia's tin area that has not been explored yet.
Timah president Erry Riyana Hardjapamekas said earlier that the company started to seek reserves overseas because its domestic reserves had been depleting.
The company's tin production stood at 40,000 tons in 1999, and this year the output was expected to decline to 35,000 tons due to the dwindling reserves.
Erry said Timah was deliberately cutting production to enable its mining operation on the Bangka island in South Sumatra to survive for another ten years. (*)