tate-owned tin miner PT Timah has booked positive results in the first quarter of this year as the company boosted its production amid a drop in global tin prices.
During the first three months of 2017, PT Timah saw a 57.24-percent increase in its revenues to Rp 2.05 trillion (US$154 million). It also booked a net profit of Rp 66.5 billion after a net loss of nearly Rp 139 billion in the same period last year.
This upward trend was triggered by a surge in the company’s production. It mined 7,675 tons of tin ore in the first quarter, a 125.37 percent increase compared to the same period last year.
“This result is in line with the company’s policies to expand its capacity and strengthen various supporting facilities,” PT Timah said in a statement on Wednesday.
“To boost our production, we have opened new onshore mines, added new production vessels and adopted a more effective smelting technology.”
Such management policies have worked effectively as the company managed to make up the loss from falling tin prices with an increase in production.
Average tin prices on the London Metal Exchange (LME) fell to $19,820 per ton in March from $20,741 per ton in January.
In 2017, PT Timah has allocated Rp 140 billion to boost exploration activities. It aims to produce 32,000 to 35,000 tons of tin ore by year-end, up from 30,000 tons in 2016. (ika)
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