State-run Indonesian tin miner, PT Timah, has announced that its refined tin production was broadly unchanged in 2015, falling less than 1% year-on-year to 27,431 tonnes. This is despite an 18% fall in mined tin production to 26,361 tonnes over the same period.
PT Timah’s 2015 tin-in-concentrate production included 7,764 tonnes (29% of total) of production on land and 18,597 tonnes (71% of total) from offshore operations, both of which represent falls compared to 2014 of 31% and 12% respectively. Sales of refined tin in 2015 rose 12% to 30,087 tonnes compared to the previous year.
The mismatch between mine production and refined tin production can be explained by a 2,214 tonne reduction in tin-concentrate stockpiles during 2015 to 1,140 tonnes as of 31 December. Stockpiles of tin in slags and ingot form remained stable over the same period at 8,868 tonnes and 5,137 tonnes respectively.
The company’s 2015 annual report, also released earlier this week, revealed that as a result of increased exploration activity during the year, reported tin resources as of 31 December rose 15% year-on-year to 801 kt of contained tin in 2015, a figure which includes tin reserves of 328 kt, up 5% from 2014.
ITRI View: Reuters reported today that Indonesia’s February exports of refined tin totalled 4,505 tonnes, down 25% year-on-year. These lower exports resulted from flooding on the island of Bangka and delays to the issuance of new export permits and quotas while auditing of smelters are carried out. PT Timah aims to announce production guidance for 2016 when the auditing process is complete and the size of its export quota is known.
