Indonesia’s state tin company PT Timah reported strong results for the last quarter of 2013, allowing it to announce a 19% rise in its annual net profit to Rp 515.1 billion (US$42.3 million). Over 70% of net income was earned in the final quarter, based on a late improvement in production and average selling prices.
Refined tin production in the final quarter amounted to 7,630 tonnes, up by 22% on Q4 2012, resulting in annual production of 23,718 tonnes. Full year production in 2013 was 19% lower than in 2012. Annual production of tin-in-concentrate was 26,204 tonnes, which was down by 12% on the previous year. The company’s offshore mine production rose by 6% to 19,744 tonnes, but supply from onshore operations slumped by 42% to only 6,460 tonnes as activities were substantially re-organised.
In a release the company said that the new export regulation would result in the resurrection of the Indonesian tin industry, with a “one door sales policy” (via the ICDX) lowering the country’s annual exports to 60,000 – 70,000 tonnes and supporting an average tin price of $26,000/tonne this year.
