Jun 27, 2011

Timah focuses on offshore mining

The state-controlled tin producer PT Timah Tbk is focusing on the tin offshore mining. It expects to generate 70% contribution of its total production from offshore mining.
President Director Wachid Usman said the offshore mining will contribute 55% of the total production this year from 20% last year.
"The offshore mining needs lower cost than the onshore," he said as quoted by Kontan daily today. 
Timah aims to modify its offshore fleets and buy two ships equipped with drilling capacity of 73 meters below the sea level. The company requires Rp40 billion to modify its fleets.

Disclosure: No position at the stock mentioned above.

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