Timah to acquire new vessel for deep sea exploration

By Thomas Sembiring

IDX-listed tin giant PT Timah Tbk will acquire a new Geotin 4 survey vessel to support this year?s deep sea exploration program.

Timah President Director Sukrisno said that the company is seeking to focus on offshore exploration activities to tap into the huge tin deposits, and obtain better cost efficiency. ?We?ll be focusing in the sea because of the huge deposits,? he said late last week.

He said that about 65 percent of the country?s tin deposits are located in the deep sea. He added that offshore exploration is seen cheaper than onshore exploration.

The Geotin 4 vessel, which cost about Rp 35 billion, will have drilling reach of up to 100 meters. The vessel will increase Timah?s fleet to four units. ?We?re currently only able to dill up to 40 meters (depth), while there are still deposits below,? Sukrisno said.

Editing by Reiner Simanjuntak