Timah to acquire two new vessels
Wednesday, August 17 2016 - 02:40 AM WIB
By Romel S. Gurky
IDX-listed tin giant PT Timah Tbk said it plans to expand its fleet of vessels to help increase production.
The company said in a recent presentation that it would acquire two additional vessels, but did not say the value of the vessels and when the acquisition would be made.
Timah said it has allocated Rp 600 billion worth of capital expenditure this year for acquisition of new vessels and maintenance of existing vessels.
The company has set tin ore production target of around 30,000 tons this year. Offshore production currently accounts for 70 percent of the company annual tin output.
Editing by Reiner Simanjuntak