In an interview with the Jakarta Post, PT Timah President Director Sukrisno outlined the company’s plans for investment in Myanmar and forecast an improvement in profits in 2014.
Timah has secured a 10,000-hectare tin concession area in Pubyien-Tamok, Tanihary and now expects to begin exploration drilling in June. The exploration process was expected to take six months and production was due to start in early 2015, Sukrisno said. He added that Timah had also submitted additional mining applications in other areas of Myanmar and was hoping to obtain the permits this year. It will begin constructing a smelter in Myanmar in 2014 as well, with an investment of Rp 150 billion (US$12 million). The company plans to purchase ore from local mines as well as treating its own production.
Timah expects to generate at least Rp 7.89 trillion (US$ 659 million) in sales revenues in 2014, based on tin production in the order of 28,000 – 30,000 tonnes and an average selling price of around $23,000/tonne. The figure will be 18% higher than the Rp 6.7 trillion posted in 2013, according to its unaudited financial report. On the bottom line, Timah hopes to see its net profits rise by at least 20% to exceed Rp 517 billion (US$43 million). The company’s audited results are due to be published later this month.
