Timah to enter Myanmar and Vietnam
Wednesday, September 13 2000 - 05:30 AM WIB
Publicly-listed state tin mining company PT Timah said on Wednesday it expected to start tin exploration and production in Myanmar and Vietnam next year.
"We are waiting for licenses (from the Myanmar and Vietnamese governments," company president Erry Riyana
Hardjapamekas said in Jakarta on the sidelines of a seminar on economy.
He said Timah has started to seek reserves overseas because its domestic reserves had been declining, Erry said.
He said the company production was 40,000 tons in 1999, and this year the output was expected to decline to 35,000 tons due to the dwindling reserves.
He said Timah is cutting production to enable its mining operation on the Bangka island in South Sumatra to survive for another ten years.
"In anticipation of the closure of the mine, we are looking for new reserves in countries like Myanmar and Vietnam," Erry said.
Timah recorded a net profit of Rp 250 billion in the first half of the year, while total sales reached Rp 700 billion in the same period, Erry said. (R. Amoros)