The publicly listed company announced on Thursday that it planned to deleverage debt, reprofile bank loans and cut costs “in all lines of production”. 

The company also planned to continue developing a multimillion dollar tin smelter on Bangka island at the behest of the government and to keep exporting the mineral strategically.

“We have to be selective in responding to the dynamism of the global tin market,” said Timah president director Riza Pahlevi Tabrani in a statement.

Riza told reporters late last year that Timah would cut export volumes by up to 2,500 metric tons each month to optimize earnings amid variable global tin prices. 

Timah, one of the world's top tin miners, began the construction of its new tin smelter on Jan. 30. The US$80 million facility is expected to yield 40,000 tons of crude tin yearly when completed in 2021. The development of the smelter is part of the government’s policy to transform Indonesia into an industrial economy.

Timah booked a loss of Rp 703.97 billion ($49.4 million) last year, down from a profit of Rp 278.88 billion the previous year. The miner attributed the loss mainly to depressed global tin prices since January 2019.

Popular

Much ado about asset forfeiture

Mass poisonings cast doubt on free meals reforms

Purbaya ousted after clash with Prabowo's ex-army colleague, sources say