State-controlled tin miner Timah forecast its tin production to increase by as much as 6 percent this year due to the operation of the company’s production plant.
Tin production is forecast to increase by 5,000-6,000 tons this year, lifting the upper limit of the company’s 2012 output target to 44,000 tons, M. Krishna Syarif, the company’s finance director, said late on Thursday.
“We are focusing our energy to reach that target,’’ Krishna said. The company was estimated to produce 38,000 tons of tin in 2011.
Krishna did not give any forecast for tin prices but said the higher output alone would make a difference in the company’s revenue and net income.
“I don’t have [price] numbers in my hand right now. But for sure we will increase our production by 5,000 tons to 6,000 tons this year,’’ Krishna said.
Timah’s revenue rose to Rp 8.34 trillion ($926 million) in 2010 from Rp 7.71 trillion in 2009, while its profit more than doubled to Rp 948 billion from Rp 314 billion.
Bangka-based Timah plans to spend Rp 500 billion this year to finance its upstream business, Wachid Usman, Timah’s president director, said in January. He said the company was aiming to expand its tin soldering business at its mining sites on Bangka and Belitung islands, off Sumatra.
The company has set aside Rp 2 trillion for capital expenditure this year, including the Rp 500 billion that it plans to spend to expand its exploration and production business.
Timah also plans to spend Rp 500 billion this year to buy five dredgers and Rp 900 billion for bucket wheel dredgers to help in its offshore mining activities.
Trading in tin in the country made its debut on the Indonesia Commodity & Derivatives Exchange on Feb. 1. Tin is mainly used in soldering for electronic circuitry. Timah’s
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