Koba contract terminated

On Wednesday Indonesia’s Ministry of Energy and Mineral Resources eventually confirmed a widely leaked decision rejecting an application to extend PT Koba Tin’s contract of work (CoW) on Bangka island by a further ten years to 2023. The decision was stated...

MSC still waiting for Koba decision

Malaysia Smelting Corporation said on Friday that had been advised by Indonesia’s Minister of Energy and Mineral Resources (MEMR) that a decision on an application to extend the Contract of Work for its 75%-owned subsidiary PT Koba Tin had been deferred until...

Koba decision still awaited

Malaysia Smelting Corporation’s 75%-owned subsidiary, PT Koba Tin is still awaiting a decision from the Indonesian government on its application for a 10-year extension of its contract of work in Indonesia which expired on March 31, 2013. In a statement to Bursa...

MSC relies on Malaysian operations to return to profitability

In its 2012 annual report, published this week, Malaysian Smelting Corporation says that it will rely on its profitable Malaysian smelting and mining operations and a more cautious foreign investment strategy to move forward, following the heavy losses suffered by its...

MSC results hit again by Koba problems

Final audited results for 2012 announced by Malaysia Smelting Corporation on 29 April showed much larger losses than the unaudited figures released at the end of February, reflecting further provisions for the expiry of 75%-owned subsidiary PT Koba Tin’s...

Koba contract renewal decision delayed

The Indonesian government has yet to renew the tin mining contract of work for Malaysia Smelting Corporation’s 75%-owned subsidiary, PT Koba Tin. The CoW expired at the end of March. In a statement to Bursa Malaysia MSC said PT Koba Tin has received notification...

MSC hopeful on 2013 prospects

Malaysia Smelting Corporation has reported a 25% fall in revenues and a pre-tax loss of RM 62.7 million (US$20.2 million) before unusual items in 2012, compared to a pre-tax profit before unusual items of RM 116.4 million in 2011. However by curtailing operations by...

MSC reports difficult quarter

Malaysia Smelting Corporation reported a pre-tax loss of RM 75.0 million (US$24.2 million) in the second quarter, mainly due to problems at its 75% owned Indonesian subsidiary PT Koba Tin. Koba made a loss of RM 68.9 million in the quarter and cut production by 50% as...

Doubts over Koba contract extension

A senior government official told the Jakarta Post that the contract of work under which PT Koba Tin operates is unlikely to be extended beyond the current expiry date of 31 March 2013. Energy and Mineral Resources Ministry’s minerals and coal director general,...

MSC plans further reduction in Koba stake

Malaysia Smelting Corporation has announced changes to a strategic alliance with an Indonesian group which could result in its shareholding in PT Koba Tin falling from 75% to 30%. The proposed deal with Optima Synergy Resources Limited was originally announced in...