Indonesia’s President Prabowo Subianto formally handed over six previously-confiscated tin smelters to state-owned PT Timah in a ceremony on Monday amid growing market concerns about Indonesian tin supply.

The ceremony took place during Prabowo’s visit to Pangkalpinang, Bangka Belitung, at PT Tinindo Internusa (TIN), one of the six smelters seized by authorities last year as a part of the country’s investigation into historical corruption in the tin trade.

ITA estimates that the six smelters—PT Tinindo Internusa (TIN), PT Refined Bangka Tin (RBT), CV Venus Inti Perkasa (VIP), PT Stanindo Inti Perkasa (SIP), PT Menara Cipta Mulia (MCM), and PT Sariwiguna Bina Sentosa (SBS)—represented approximately half of the country’s refined tin production capacity.

Prabowo, accompanied by several cabinet ministers, emphasized that the seizure of these assets and transfer to the state demonstrates the government’s commitment to reforming Indonesia’s tin industry.

Referring to the government’s recent crackdown on illegal mining, the president said “We don’t need to be afraid to eradicate smuggling [and] illegal mining”.

The handover of these assets to state-owned enterprises is part of the ongoing legal process following the conclusion of the major investigation over the past two years.

Forestry Minister Raja Juli Antoni commented “The handover of state-confiscated tin assets led by President Prabowo not only aims to recover economic assets, but also the momentum to strengthen sustainable natural resource governance”.

“Strengthening the governance of the tin industry must be accompanied by environmental recovery in post-mining areas”, he continued.

Local media reports that the value of the assets transferred to PT Timah is more than IDR 1.45 trillion (approximately US$88 million).

This action follows a crackdown on illegal mining in Indonesia over the past month, which has seen raids on various companies alleged to be involved in the illegal extraction and smuggling of tin from PT Timah’s mining concessions (IUPs).

Tin prices have surged following widespread reporting of this crackdown and a slowdown in Indonesia’s output from June to August due to unrelated licensing delays.

However, Indonesian exports are now accelerating as licensing issues are resolved, and ITA anticipates a resumption in the recovery of the country’s tin output.

PT Timah’s RKAB (coal and mineral work plan) targets production of 22,000 tonnes in 2025, and the company intends to raise this to 30,000 tonnes in 2026, rising further to up to 80,000 tonnes in future.

The company is under pressure from the government to meet its production targets following two years of disruption.

The authorities and PT Timah have launched ‘task forces’ which aim to address illegal mining on the company’s mining concessions.

These efforts have sparked opposition from some local miners, with a demonstration taking place in Pangkalpinang at the same time as the smelter handover ceremony. Speaking with local press, some miners voiced concerns that companies were hesitant to purchase their tin within the context of the illegal mining crackdown.

A stock exchange announcement from PT Timah stated the protestors had a number of demands, including an adjustment to the local tin selling price. The announcement also said the incident resulted in damage to the company’s offices.

Local media reports that PT Timah has agreed to raise the company’s tin ore purchasing price.

Alongside Indonesia’s efforts to reform the country’s tin industry, regulators are planning to reverse the 2024 changes to the RKAB system.

For 2024, the Ministry of Energy & Mineral Resources (ESDM) replaced 1-year RKABs with 3-year RKABs, leading to delays in the January relicensing period, seeing zero exports of tin in the first two months of the year.

This change is expected to be officially reversed in the coming months, returning the RKAB period to one year only. Producers currently await official details and confirmation whether existing 3-year RKABs will be honoured or cancelled in the New Year.

Export licences, awarded by the Ministry of Trade, remain unchanged and valid for one calendar year.

Our view: The past two years have seen a reshaping of Indonesia’s tin industry and supply disruptions that have brought about considerable volatility to the global tin market. Fresh efforts to build a more sustainable tin industry in Indonesia, coupled with the government’s drive for ‘downstreaming’, highlight the importance of tin to the country’s economy. The transfer of confiscated tin assets to PT Timah will likely have a positive impact on the company’s operational performance and see more stable output from Indonesia as a whole.

PT Timah Tbk is a Member of the International Tin Association.

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The delegation’s first stop was PT Mitra Stania Prima (MSP), Indonesia’s leading private tin producer, where they met with Commercial Vice President Ririe Rahayu and her team member Kevin Adrian Boeditama. MSP recently expanded into the downstream sector, launching a solder subsidiary in July. The new facility, still in its initial production phase, produces around 100 tonnes of solder bar per month.

The ITA team also met with representatives of MIND ID, which holds a 65% stake in PT Timah and majority stakes in six other companies with parent company of Danantara Indonesia. Discussions centred around policy developments in Indonesia, including the SIMBARA mineral traceability system, and the challenges of multiple government departments overseeing the tin industry and opportunities to increase interdepartmental data sharing.

The team also visited the Jakarta Futures Exchange (JFX) for discussions with President Director Yazid Kanca Surya, President Commissioner Harwendro Adityo D. who also chairs the Association of Indonesian Tin Exporters and MSP, and Budi Susanto, President Director of the Indonesia Derivatives Clearing House, and their team members. The vast majority of Indonesia’s tin trade, both international and domestic, passes through the JFX.

A visit was also conducted to the Ministry of Energy and Mineral Resources (ESDM), where the team presented on ITA’s TIN2030 strategic vision for the tin industry across markets, technology, and sustainability, including the Tin Code. ITA was briefed on the latest changes to the country’s production licences – the Mineral and Coal Work Plan (RKAB) – and updates on mining regulations and policy actions following recent corruption issues.

The trip concluded with a visit to PT Timah Tbk, where the delegation was welcomed by CEO Restu Widiyantoro and the Commercial Division. The new CEO shared his background, updated ITA on company developments, and expressed appreciation  for ITA’s expertise in the global tin market and navigating business challenges. PT Timah is the country’s largest and only state-owned tin producer and participates in industry’s global ESG reporting standard, the Tin Code.

ITA thanks all the hosts for their warm hospitality and looks forward to further visits to Indonesia and deepen understanding of the tin industry in this strategically vital country.

PT Timah is a Member of the International Tin Association.

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Indonesia’s refined tin exports are returning to normal levels as the country’s authorities conclude an investigation into corruption in the domestic tin trade while a crackdown on illegal mining continues.

This year, cumulative exports to April were 130.8% higher than in 2024, when supply was under extreme pressure from heightened regulatory scrutiny. The confiscation of five private smelters, together representing approximately half of the country’s refining capacity, by the Attorney General’s Office and delays in issuance of RKAB work plans and export licences from the Resources Ministry (EDSM) and Trade Ministry led to significantly lower output from the world’s largest exporter of refined tin in 2024.

At a press conference at the Governor of Bangka Belitung’s residence in April 2024, the Head of the Attorney General’s Asset Recovery Agency confirmed that the AGO “will convey [management of the confiscated smelters] to the Ministry of SOEs [State Owned Enterprises], and they will designate an SOE”.

There were initially plans that these companies could soon resume production under new management as the authorities had stated their aim to preserve employment, but ITA is not aware of any developments since this press conference and we understand that these smelters are still non-operational.

According to reports, several leaders from PT Timah Tbk were sentenced in December 2024 in relation to the corruption investigations and are no longer employed by the company.

The Indonesian court also sentenced leaders from several private smelting companies including PT Refined Bangka Tin (RBT), PT Menara Cipta Mulia (MCM), PT Sariwaguna Binasentosa (SBS), PT Stanindo Inti Perkasa (SIP), CV Venus Inti Perkasa (VIP), and PT Tinindo Internusa (TIN).

Government officials from the Ministry of Energy and Mineral Resources (ESDM) were also sentenced.

Sources suggest that the activities in question are said to have occurred between 2018 and 2019, though the exact timeline remains complex.

Tin production in Indonesia fell to its lowest level in more than twenty years to below 50,000 tonnes in 2024. PT Timah, the country’s largest producer, and one of the world’s largest refined tin producers, said that it encountered several challenges in 2024, including the persistent prevalence of illegal mining activities on its operating licences (IUPs) as well as poor weather conditions impacting offshore production.

The company says it is working closely with the authorities to address illegal mining and will strengthen efforts in 2025.

At a public hearing at Indonesia’s House of Representatives in May 2025, PT Timah’s new President Director, Restu Widiyantoro, said that “poor oversight” has led to “rampant illegal mining activities”, resulting in smuggling and loss of revenue from taxes. Restu outlined the company’s measures to combat illegal mining including issuing warnings, dismantling illegal mining rafts, and handing over seized equipment to the authorities.

In 2024, Indonesia launched its commodity tracking system, SIMBARA, for tin and nickel to improve compliance and detect incidences of illegal mining. The system aims to trace a commodity from mine to smelter and to export, allowing authorities to monitor RKAB documentation, exports, financial data, logistical information, and personnel involved. The system is hoped to improve governance and increase government revenue from natural resources.

Our view: A return of more consistent Indonesian supply, following the government’s efforts to restructure the mining sector, is a positive development for the tin industry as supply disruptions elsewhere in Asia and in Africa continue to cause instability and volatility. ITA continues to monitor the situation closely, including through engaging local stakeholders, and welcomes all efforts to address ongoing environmental and governance challenges within the Indonesian tin sector.

PT Timah Tbk is a Member of the International Tin Association.

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2024 saw global refined tin production of 371,200 t, representing a decline of 2.7% from 2023. Approximately 63% of this tin originated from just ten leading smelters, whose collective output increased by 14,300 t (7% year-on-year).

The top three producers remain unchanged, with Yunnan Tin maintaining its position as the world’s largest producer of refined tin at 85,000 t, and Minsur keeping second place although bolstered by strong growth of 14.3% to 36,300 t. Yunnan Chengfeng remained in third place with approximately flat production on the previous year.

After switching places in 2023, PT Timah and Malaysia Smelting Corporation (MSC) have switched again in 2024 as PT Timah’s production recovered to 2022 levels and MSC saw the largest year-on-year decline in the cohort.

PT Timah’s recovery came amid a difficult year for the Indonesian tin industry, with national refined tin production falling 30.7%, as the country’s investigation into alleged historical irregularities in the tin trade exacerbated licensing and export delays.

After facing significant challenges in 2023, EM Vinto production increased 26.3% to a record 12,700 t refined tin.

Chinese producer Guangxi Huaxi (formerly Guangxi China Tin) saw the strongest growth within the cohort of 34.1%, while Jiangxi New Nanshan saw modest growth, and both companies retained their positions from 2023.

Total production in mainland China saw remarkable growth of 4.6% despite the ongoing mining suspension in Wa State, Myanmar—traditionally a major concentrate source for Chinese smelters—bringing the national total to 194,000 t in 2024. This increase is attributed to unprecedented growth in secondary refined tin production of 14.9% on the previous year, and significant drawdown of raw material stockpiles.

Global secondary supply grew by 6.8% in 2024 to a record high, following growth of 2.9% the previous year. Secondary supply ex-China declined by 3.4%. Production at tin recycler Aurubis Beerse fell 16.9%, seeing the company switch places with Thaisarco.

Our view: Despite coinciding with weaker-than-expected growth in tin demand, protracted supply disruptions in Myanmar and Indonesia saw the tin market fall into a narrow deficit of 2,200 tonnes in 2024.

While 2024 saw the industry focus on a challenging supply story, 2025 will likely see supply recover as demand continues to move into a recovery cycle, putting the market on course for a small surplus in 2025.

Yunnan Tin, Minsur, PT Timah, Malaysia Smelting Corporation, Thaisarco, and Aurubis Beerse are members of the International Tin Association. Yunnan Chengfeng, Guangxi Huaxi, and Jiangxi New Nanshan are associate companies reporting data to ITA China.

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Yunnan Tin Company (YTC) and PT Timah, traditionally the two largest producers of refined tin globally, have established a strategic partnership to strengthen their respective positions in the market.

A delegation from PT Timah and parent company MIND ID visited China in August in a visit coordinated by ITA China, and the delegation separately travelled to Kunming to meet YTC. This development follows from YTC’s visit to Indonesia in July when the companies agreed to implement a Memorandum of Understanding after the International Tin Conference.

The companies agreed to focus on improving efficiency and competitiveness across the supply chain from mineral resource utilization, mining, smelting and refining, trading, and development of downstream products.

YTC President Luke Liu highlighted the broad range of fields covered by the agreement and its role in encouraging the development of the global industry.

MIND ID President Director Hendi Prio Santoso and PT Timah President Director Ahmad Dani Virsal made statements recognizing the added value the strategic cooperation will provide to both the Indonesian and international tin industries. The company stated the partnership will increase production capacity and efficiency, benefitting from YTC’s technical expertise, and will “open new access to wider international markets”.

Our view: The International Tin Association remains committed to facilitating discussions on key industry opportunities and challenges. Cooperation between two of the largest players is a positive move towards sustainable development and industry growth.

Yunnan Tin Corporation and PT Timah Tbk are members of the International Tin Association.

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June export data released in mid-July by Indonesia’s Ministry of Trade show refined tin output fell 44% year-on-year, rising 35% from May. The country—the world’s largest exporter, and second largest producer of refined tin—has exported only 14,752 t refined tin in 2024 H1, less than half of the total in H1 2023.

The country’s tin industry is under heightened scrutiny as an ongoing investigation into alleged historical irregularities in the tin trade is handed over to Indonesia’s prosecution service. Continued licensing delays affecting both tin and nickel, exacerbated by the investigation, mean ITA can only confirm seven producers have received RKAB work plans and export licences.

In April, five tin smelters, which together represent approximately half of the country’s refined tin production capacity, were confiscated by the Attorney General’s Office (AGO) in relation to the corruption investigation.

There were initially hopes of a production restart at these companies as a spokesperson for the AGO confirmed it would allow the seized companies to resume operations, although it is unclear what impact this would have on the issue of export licences.

Following the announcement, at a press conference at the Governor of Bangka Belitung’s office, the Head of the Attorney General’s Asset Recovery Agency confirmed that the AGO “will convey [management] to the Ministry of SOEs [State Owned Enterprises], and they will designate a SOE”.

The acting Governor of Bangka Belitung, Dr Safrizal Zakaria Ali, commented: “We hope that this confiscated asset will continue to run and the management will be left to the experts, so that workers who work in this business sector do not stop working.”

ITA is not aware of any significant developments since the press conference.

The launching this week of Indonesia’s commodity tracking system, SIMBARA, for tin and nickel is hoped to improve compliance and detect incidences of illegal mining, with tracking enabled from mine to smelter and to export. The system will allow authorities to monitor compliance on documentation of RKABs, exports, financials, logistics, and personnel involved, with the aim of improving governance and increasing government revenue.

Our view: Despite global supply disruptions representing an approximate 12% year-on-year decline in the supply of refined tin, the market has remained remarkably resilient. Considerable consumer, producer, and exchange inventories have provided buffer, while demand is recovering more slowly than anticipated on a poor macroeconomic climate.

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The world’s largest producer of refined tin, Yunnan Tin, met with PT Timah, Indonesia’s largest and the world’s fifth largest producer, in Jakarta earlier in June to discuss future strategic cooperation following discussions at ITA’s International Tin Conference last month.

PT Timah leadership including President Director Ahmad Dani Virsal welcomed YTC Chairman and General Manager Liu Luke and other senior management at YTC and its domestic and overseas subsidiaries, Yunnan Tin Trading and Yuntinic Resources. The companies discussed strategic themes of marketing, technology, and development, and will implement a Memorandum of Understanding between the companies.

Ahmad Dani Virsal highlighted the importance of global cooperation and companies supporting one another in the tin trade, commenting “PT Timah collaborates with various parties, including fellow tin producers, to maintain the sustainability of tin minerals”.

Representatives from Yunnan Tin commented that the meeting was “very constructive”, welcoming the possibility of strategic cooperation between the two parties.

Our view: The International Tin Association is committed to facilitating discussion and action on important issues affecting the tin industry, and is pleased to see progression in conversations initiated at the International Tin Conference.

Yunnan Tin Corporation and PT Timah Tbk are members of the International Tin Association.

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ITA understands that two of Indonesia’s three largest smelters, including PT Timah, have now restarted exporting tin. Exports in February stood at 55 tonnes, representing a marginal increase from January, and a 98% decrease from February 2023.

Trading on the Jakarta Futures Exchange (JFX) resumed on 05 March and 1,780 tonnes of tin have since been traded on various contracts. Trading has not yet resumed on the Indonesian Commodities & Derivatives Exchange (ICDX), which generally represents the smaller private smelters. Since a regulatory overhaul in 2014, all refined tin for export must first be sold on either the JFX or ICDX. Refined tin exports in January stood at 0.4 tonnes (99% decrease year-on-year), while exports edged higher to 55 tonnes (98% decrease year-on-year) in February.

Licensing continues to be delayed, nickel is facing similar challenges, with further complications from the ongoing investigation into alleged historical irregularities in the domestic tin trade in Indonesia. There have been unconfirmed reports that several smaller private smelters now have their work plans and cost budgets (RKAB), however, ITA has not been able to validate these. For now, the majority of tin smelters in Indonesia have not exported any tin in 2024.

Traders in Asia have commented on the difficulty of sourcing tin due to the lack of Indonesian output. While consumption in Europe remains suppressed by macroeconomic conditions, traders in Europe have commented that tin is increasingly difficult to source, with shipments additionally delayed by continuing disruption in the Red Sea.

Our view: While the resumption of production is welcome to international markets, further extended licensing delays indicate that exports may remain suppressed for some time. In China, a feedstock squeeze due to the cessation of tin mining in Myanmar’s Wa State since 01 August 2023 adds increased uncertainty when combined with the loss of Indonesian supply which accounted for 73% of China’s refined tin imports in 2023.

PT Timah is a member of the International Tin Association.

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The top two producers remain unchanged, with Yunnan Tin maintaining its position as the world’s largest producer of refined tin, and Minsur kept second place. A challenging year at PT Timah resulted in a 23% decline in production, whilst growth at Malaysia Smelting Corporation saw the companies switch positions.

2023 saw moderate production growth from Chinese producers Yunnan Chengfeng and Guangxi China Tin, who held onto third and sixth positions respectively. This growth was offset by declines at similarly-sized producers Jiangxi New Nanshan and EM Vinto, which traded places. European secondary producer Aurubis Beerse saw growth, climbing one spot to ninth, while a decline at the Thailand Smelting & Refining Company (Thaisarco) pushed the company to tenth place, completing the Top 10.

Total production in mainland China declined 1.3% to 177,000 t in 2023. A partial resumption of mineral processing and sales of government stockpiles in the autonomous Wa State of Myanmar, which suspended mining operations from 1^st August 2023, maintained some level of shipments to China. Myanmar tin concentrate shipments to China decreased 15% year-on-year, while shipments from other countries increased by 5% over the same period.

Global secondary supply increased by 7.5% in 2023, recovering from a 6.6% decline the previous year. Growth in secondary refined tin production was split evenly between Europe and China.

Our view: Alongside a difficult macroeconomic climate impacting demand, a decline in global tin production yielded a market surplus of 9,700 t. An expected recovery in demand and ongoing supply disruptions especially in Wa State and Indonesia may bring supply tightness in 2024. We anticipate a reversal of the significant stocking seen in 2023.

Yunnan Tin, Minsur, Malaysia Smelting Corporation, PT Timah, Aurubis Beerse, and Thailand Smelting & Refining Company are members of the International Tin Association. Yunnan Chengfeng, Guangxi China Tin, and Jiangxi New Nanshan are Associate Companies reporting data to International Tin China.

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Uncertainty continues around Indonesian tin production and exports amid amplified seasonal licensing delays, while a presidential election and police investigations into corruption allegations add complexity.

Indonesia’s tin industry has recently come under increased government scrutiny, with police investigations being launched into the sector in late-2023. This comes as part of a broader push to ensure compliance with mining, trading, and export regulations and to safeguard the country’s critical mineral resources. The initiative follows similar interventions in the nickel industry last year.

Tin resources have been a growing focus in the country since it became part of a presidential policy to maximise commodity revenues including a downstreaming policy. More recently, the Ministry of Energy and Mineral Resources (ESDM) in Indonesia officially designated tin as a critical mineral for strategic development concerning the energy transition. As such, the government is taking steps to ensure that the industry operates transparently and sustainably.

February’s presidential election had led analysts to expect licensing delays in 2024, however, this has been exacerbated by an ongoing investigation into alleged historical corruption in the Indonesian tin trade. Through January and February, the Office of the Attorney General announced the detaining of several witnesses for questioning surrounding their alleged involvement in these trading practices, including past and present management of some major players.

In January 2024, Indonesian tin exports stood at just 400 kg according to Indonesia’s Ministry of Trade, representing a 99% decrease from January 2023. In previous years, one-year RKAB export licenses have been awarded in mid-January, resulting in a seasonal decline in exports. 2024 marks the first year that Indonesian producers, which accounted for 19% of global refined tin supply in 2023, must apply for a three-year license (which is subject to regulatory review annually). Only state-owned producer PT Timah has publicly confirmed the receipt of the RKAB.

Since a regulatory overhaul in 2015, all refined tin for export must first be sold on either the Jakarta Futures Exchange (JFX) or the Indonesia Commodities & Derivatives Exchange (ICDX), and trading activity has typically resumed in the final week of January. There has been no activity in tin contracts on either exchange so far in 2024.

On Monday 26th February, a spokesperson for EDSM said that the ministry was currently focusing on approvals for tin and nickel mining licenses.

Our view: The global theme of resource nationalisation continues to develop. President-elect Prabowo Subianto has committed to continuing his predecessor’s downstreaming policies. Licensing delays in Indonesia alongside a lack of reported developments in lifting the tin mining suspension in Wa State, bring supply concerns for the first half of 2024.

Traders across Europe and Asia have voiced concerns over the lack of high purity tin ingots on the market and recent weeks have seen an increase and upward widening of tin premiums. The industry watches closely for February’s refined tin export figures, expected to be released in the first week of March.

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