PT Timah reduces tin exports to raise prices

PT Timah reduces tin exports to raise prices

President Director of PT Timah Tbk, Mochtar Riza Pahlevi. (ANTARA/Aprionis)

We have indeed reduced our overseas sales as a response to the decline of tin prices
Pangkalpinang (ANTARA) - State-owned tin mining company PT Timah Tbk reduced its exports by 2,000 to 2,500 tons per month looking to raise the declining tin prices on the global market which has affected the national tin producer. "We have indeed reduced our overseas sales as a response to the decline of tin prices," President Director of PT Timah Tbk, Mochtar Riza Pahlevi, said here Friday.

Export reduction by 1,000 up to 1,500 tons per month has been carried out since July 2019, Pahlevi stated. Currently, PT Timah will increase its export cuts by around 1,000 tons per month, bringing the total reduction in exports between 2,000 and 2,500 tons per month.

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"The current tin price is not yet favorable to us, especially considering what we have done as a mining company," he said.

PT Timah Tbk, as one of the world's tin producers, has implemented a good and responsible mining system, he further said.

"This company has fulfilled all of its responsibilities regarding environmental issues, reclamation, business and human rights as well as community empowerment, starting from exploration to post-mining process," Pahlevi explained.

"This is not to mention the mining sector which in its operations has various risks," he said.

Secretary General of the Indonesian Tin Exporters Association (AETI), Jabin Sufianto supported PT Timah Tbk's plan to reduce its tin production and exports.

The reduced production will impact the tin prices, given Indonesia's enormous role in meeting the demand of tin in the global market, Sufianto argued.

"AETI supports this plan. We must indeed be brave to reduce production volumes while the price is still at a low level," he said.  

Related news: PT Timah to build tin smelter in Nigeria

 

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