The company's net sales in 2021 increased, as the price of the commodity roseJakarta (ANTARA) - PT Mitra Stania Prima (MSP) recorded positive performance in 2021 in line with a rise in the world's tin prices.
“The company's net sales in 2021 increased, as the price of the commodity rose,” Chief Executive Officer (CEO) of Arsari Tambang Aryo Djojohadikusumo noted in a statement here on Tuesday.
The company under Arsari Tambang recorded production of 3,093 tons of tin metal in 2021.
"The net sales increased by 74 percent as compared to last year due to an increase in the global tin commodity prices," the CEO noted.
According to Djojohadikusumo, the company's tin metal sales are conducted on the tin exchange at the Jakarta Future Exchange, with export objectives dominated by Europe, the United States, and Asia.
Related news: Improve tin management to replicate nickel industry's growth pace: MP
He noted that mining activities were conducted in the Mapur Block, Cit Village of Bangka Regency, and Kepuh Block & Penyak Block in Central Bangka Regency.
"MSP exploration activities in 2021 conducted in an area of 234 hectares have resulted in 27,774 meters drilled at 979 points," Aryo stated.
Tin prices rocketed to all-time highs on Friday (Sept 24) on the back of persistent supply issues and low inventories, although uncertainty regarding China’s Evergrande kept a lid on metals prices, as quoted by Reuters.
Related news: MSP penetrates Asian, European, US markets
Benchmark tin on the London Metal Exchange rose to a record $36,830 a ton and was up 3.5 percent at $36,700 by 16:10 GMT.
Prices for the metal were fuelled by supply disruptions in major producing countries and booming demand for electronics, where the metal is used for soldering to connect components.
Related news: Vice minister underscores importance of waste handling for tourism
Related news: Millennials encouraged to apply MSF technology in shrimp farming
Reporter: Azis Kurmala
Editor: Fardah Assegaf
Copyright © ANTARA 2022