Wednesday, February 3, 2010

Timah tips tin price rise by 20% in 2010

Indonesian-based PT Timah, the world's largest integrated tin miner, expects tin prices this year to climb over 20% to reach $20,000 a tonne as demand recovers. The miner also expects sales of refined tin to edge up to 50,000 tonnes this year, from around 49,000 tonnes estimated for 2009. "We see the market situation improving this year as demand is picking up," its President Director, Wachid Usman said.

He said the majority-state owned cimpany is in a due diligence process for coal mines in Kalimantan in Indonesia's Borneo island, as it looks for acquisitions to replace falling reserves.  Timah is currently producing between 1-1.5 Mt/y of coal but reserves are expected to run out within the next three years. "We seek coal mines with reserves at about 50 Mt," Mr Usman said, as quoted by Reuters.

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