Tambang Timah plans greater efficiency<\/p>\n
LONDON (Reuter): Indonesian state-owned tin miner PT Tambang
\nTimah plans to continue to drive production costs lower to
\nmaximize profitability, company officials said.<\/p>\n
Production costs currently stand at around $4,310 a ton.<\/p>\n
\"These will be down to $3,800 by the year 2000,\" president-
\ndirector Erry Riyana Hardjapamekas said at a press briefing here
\nyesterday.<\/p>\n
International cash tin prices now stand at around $6,370 on
\nthe London Metal Exchange (LME).<\/p>\n
\"Estimated additional demand from new uses of tin is 20,000 to
\n30,000 tons by end-1996 or early 1997,\" Erry said.<\/p>\n
\"That will of course boost the price. Based on CRU
\nInternational forecasts we project a tin price of $8,000 by the
\nyear 2000,\" Erry added.<\/p>\n
Timah aims to invest some of the proceeds from its listing on
\nthe London Stock Exchange next month to increase efficiency.
\nTimah will list 35 percent of its enlarged share capital.<\/p>\n
Twenty-five percent will be government stock, the proceeds of
\nwhich will be used mainly to reduce Indonesia's overseas debt,
\ncompany officials at the briefing said.<\/p>\n
The remaining proceeds going to the company \"will be used for
\nthe tin mining business, improving efficiency, raising output and
\ncontinuing exploration,\" Erry said.<\/p>",
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