Tommy Winata eyes Koba Tin: Report

Indonesian tycoon Tommy Winata is said to be interested in buying a stake in troubled tin miner Koba Tin, which is controlled by Malaysian Smelting Corporation (MSC).

 Bangka Pos reported on Friday that new Bangka Belitung governor Eko Maulana admitted that he had met several times with Tommy and Surya Paloh on possible investment in the province. Tommy is the chairman of conglomerate Arta Graha Group, which is active in property, media and banking businesses, while Surya, the chairman of conglomerate Media Group, which is active in media, hotel businesses.      

“Tommy may invest in tin, while Surya in hotel and tourism,” Eko was quoted by the paper as saying.

The paper believed that Tommy is eying a stake in Koba Tin, without naming sources for the information.

Koba, which is owned by MSC (75 percent) and state owned tin mining company PT Timah (25 percent), is experiencing problems in production following the crackdown by the government on small-scale miners in the province. The company’s top executives have been detained by the police on charges of buying ore produced by small scale miners from outside its concession.

The police suspended export activities by the firm for two months. Recently, the Ministry of Trade allowed the firm to resume exports, while forbidding it from buying ore from small scale miners. (*)