Timah sees better sales on strong prices in 2004: Report
Tuesday, December 9 2003 - 01:59 AM WIB
He said he expects that global tin prices may continue to rise next year on improved demand from the electronics and automotive industries. But, he didn't provide any exact figures.
Timah had earlier said its net profit may soar sevenfold this year to Rp 80 billion from Rp 11.28 billion last year on higher tin prices and sales.
According to Timah, tin prices on Monday was trading at US$5,810 per ton, up from $3,620 per ton, its lowest level this year, in February.
The company also plans to build a new smelter next year to help boost production, Prasetyo said.
"The new smelter will only have a capacity of between 6,000 metric tons and 7,000 tons per year," Prasetyo said.
He didn't say how much Timah will spend on the new smelter.
Timah currently operates a major tin smelter on Bangka Island with production capacity of 47,000 metric tons per year.
Timah's tin production next year is expected to be around 42,000 tons, barely unchanged from this year's target, Prasetyo said. (*)