Timah to team up with Myanmar?s state companies

State owned tin mining company PT Timah will cooperate with two state firms in Myanmar to develop the company?s tin mines in the country, Kontan daily reported on Friday.

Timah?s president director Sukrisno said in Jakarta on Thursday that the tin miner decided to team up with state firms in the Myanmar in order to forge good cooperation and better coordination. ?Now we are still in the process of establishing a joint venture and appointing board of directors,? he said.

Sukrisno said that Timah would have 90 percent stake in the joint venture with the two Myanmar state companies holding the remaining 10 percent. He hoped that in August this year the three companies could sign a conditional sales purchase agreement (CSPA).

He said that the joint venture would carry out mining activities soon after the three companies signed the agreement. Timah will invest up to US$18 million in the joint venture, which will not only carry out mining operation but also operate a smelting plant, with a capacity of 5,000 tons.

Timah has secured a tin mine concession covering an area of about 10,000 hectares in Pubyin-Tamok, Myeik district, Tanithary State. In an initial stage, Timah will produce about 10,000 tons of tin ores a year. (*)