Indonesian state tin company PT Timah is looking for a major boost to sales revenues and profits in 2014 as tin prices recover, its President Director Sukrisno told reporters at an investment summit yesterday. The Jakarta Post reported that the company, which saw a 35% fall in revenue to Rp 3.89 trillion in the first nine months of this year, is looking at sales of up to Rp 9 trillion (US$764 million) next year.
“I predict that tin prices will range from between $25,000 to $30,000 per tonne next year,” Sukrisno, said, noting that tin accounted for 85 – 90% or total revenue, although this would decline over time as it diversified into coal mining. Tin production and sales are expected to be about 27,000 tonnes in 2013 and 2014.
In other reports from Indonesia, Dow Jones said that Sukrisno predicted a doubling of net profits in 2014 from Rp 450 million this year (Rp 141 million reported in the first three quarters) and that Timah would invest some $18 million in Myanmar. Indonesian media outlet Republika reported that exploration work on a 10,000 hectare exploration lease is due to start next month. Meanwhile Kontan quoted Corporate Secretary Agung Nugroho predicting that fourth quarter tin sales could be 10,000 tonnes, compared to 15,227 tonnes in the first nine months of 2013.
