PT Timah announced much improved third quarter financial results, as well as rising production and stocks. Net profit in the nine months to end-September rose by 141% year-on-year to Rp 341 billion (US$28 million), but in a statement the company said that it would “remain selective in selling …. to maintain price stability”.
In the year to date, mine production of tin-in-concentrate has risen by 32% to 22,870 tonnes, refined metal production grew by 16% to 18,601 tonnes but metal sales are up by less than 3% to only 15,664 tonnes. Stocks of refined tin rose to 6,266 tonnes, while the total inventory of metal, concentrate and slag amounted to 18,359 tonnes of contained tin, the highest level in over five years.
In interviews with reporters, Timah President Director Sukrisno forecast that production in 2014 would reach some 29,000 tonnes and also said that the company would maintain production below 30,000 tpy in future.
