Tin firm's industrial estate

Tin firm's industrial estate

JAKARTA (JP): The state-owned tin mining company PT Tambang
Timah, in cooperation with PT Bakrie Investindo, will establish
an industrial estate in Belinyu on Bangka Island, South Sumatra,
next year with an investment of US$10 million.

"The government has in principle approved the planned
cooperation in the development of the industrial estate," the
company's president, Erry Riyana Hardjapamekas, told reporters
here on Monday.

He said his company is now waiting for approval from Minister
of Finance Mar'ie Muhammad on the amount of the company's equity
participation in the project.

Erry said that according to a recent agreement with Bakrie
Investindo, Tambang Timah's facilities at the project site,
including a port, roads and land, will be regarded as its equity.

The additional capital needed for the development of the
planned industrial estate will be offered to Bakrie Investindo,
he said.

Based on the agreement, Bakrie Investindo, an affiliate of the
Bakrie Group, will be responsible for the construction of new
supporting facilities and management of the estate, Erry said.

He said the project, to be located on a 1,400-hectare land,
will be constructed in stages.

Erry said the planned industrial estate will offer advantages
because it is close to Singapore, Thailand and Malaysia.(fhp)