PT Timah to diversify its business<\/p>\n
JAKARTA (JP): The publicly-listed tin mining company PT
\nTambang Timah announced yesterday that it has paid deposits of Rp
\n17.8 billion (US$7.6 million) to the Ministry of Mines and Energy
\nto start gold and diamond exploration in South Kalimantan.<\/p>\n
\"We expect to get the licenses for five blocks of exploration
\nareas totaling 1.8 million hectares in the province,\" Tambang
\nTimah's president Erry Riyana Hardjapamekas said after an annual
\nmeeting of the company's shareholders.<\/p>\n
He said that the deposit would be returned once the ministry
\nwas satisfied with Timah's \"seriousness\" in carrying out the
\nproposed exploration.<\/p>\n
Erry also explained that another state-owned mining company,
\nPT Aneka Tambang, has signed an agreement with Tambang Timah to
\njoin the exploration.<\/p>\n
\"But we have yet to decide on the format of our cooperation
\nafter the completion of the exploration,\" he said.<\/p>\n
Yesterday's meeting, according to Erry, approved the
\nmanagement's proposal to pay a dividend of Rp 65 per share. The
\ntotal payout will be Rp 33 billion.<\/p>\n
Tambang Timah's net profits rose by 12 percent to Rp 134.5
\nbillion last year, while its sales revenues increased by 15
\npercent to Rp 502 billion.<\/p>\n
Erry said the volume of tin metal sold last year declined by 3
\npercent to 36,040 tons.<\/p>\n
The company's financial performance, according to Erry, was
\nsupported mainly by the combination of a sustained recovery in
\ntin prices and the company's improved efficiency.<\/p>\n
Average realized tin prices were US$6,199 per ton in 1995 as
\ncompared to $5,413 in 1994. (08)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pt-timah-to-diversify-its-business-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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