Mining firms post strong profits<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
Publicly listed state mining firms PT Aneka Tambang (Antam)
\nand PT Timah announced on Friday that they recorded higher net
\nprofits by more than two folds in the first nine months of this
\nyear, due to higher prices of mining commodities.<\/p>\n
In its press statement, Antam said net profit from January
\nuntil September rose by more than triple to Rp 520.7 billion
\n(US$57.8 million) from Rp 144.5 billion in the same period last
\nyear.<\/p>\n
Sales of its commodities -- nickel, gold and silver -- surged
\nto Rp 1.94 trillion from Rp 1.42 trillion, with operating profit
\nalso rising to Rp 701.3 billion from Rp 287.4 billion.<\/p>\n
During the first nine months of this year, Antam's average
\nprice for nickel contained in ferronickel rose to $6.19 per
\npound, as against $3.72 per pound in the same period last year.<\/p>\n
The company's selling price for gold also rose by 15 percent
\nto $405.32 per troy ounce in average.<\/p>\n
Meanwhile, the world's largest integrated tin producer PT
\nTimah announced its net profit surged to Rp 136.9 billion in the
\nfirst nine months ending September from Rp 58.7 billion in the
\nsame period last year.<\/p>\n
The company's sales increased to Rp 1.75 trillion from Rp 1.41
\ntrillion.<\/p>\n
\"The high net profit was mainly attributable to higher selling
\nprice, although production and sales volume was lower than the
\nsame period last year,\" said PT Timah in a statement.<\/p>\n
The average price of tin received by the company during the
\nthird quarter of this year was $9,178 per ton, which was 93
\npercent higher than the same period last year, while the average
\nprice during the first nine months of this year was $8,193 per
\nton or 72 percent higher than in the same period last year.<\/p>\n
Timah sales volume during January and September amounted to
\n22,643 metric tons of tin, or 34 percent lower than that of the
\nsame period last year.<\/p>\n
The company operates tin mines on several islands in the
\ncountry, including Bangka and Karimun, and in coastal areas of
\nSumatra.<\/p>\n
Timah has to lower its production output this year to about
\n40,000 tons from 45,906 tons last year, due to the lack of raw
\nmaterial caused by the widespread of illegal tin mining in Bangka
\nisland.<\/p>\n
Prices of metals, such as nickel for stainless steel and tin
\nfor electricity and automobile products, have soared since last
\nyear, driven by the high demand of the commodities following a
\nrapid economic growth in China.<\/p>\n
Antam shares ended unchanged at Rp 1,500 on the Jakarta Stock
\nExchange on Friday, while Timah declined by Rp 25 to Rp 2,075.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/mining-firms-post-strong-profits-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
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