Jakarta (Antaranews Babel) - State-owned tin mining company PT Timah Tbk has announced that its net profit shot up 99 percent to Rp502 billion in 2017 compared with profit recorded in the previous year.
Its Chief Executive Mochtar Riza Pahveli Tabani attributed the improved performance to consistent implementation of its earlier drawn strategy.
In 2017, the company had a capital spending of Rp779.81 billion used to expand the capacity of its machines and installations, production supporting facility, recondition, and replacement and development of fuming technology to increase tin grade and processing of low grade tin ores, Tabrani said after a shareholders' meeting of the company here n Monday.
"The spending of the fund resulted in an increase in tin ore production by 29.26 percent from 24,121 tons in 2016 to 31,178 tons ion 2017," he said.
In 2017, the company recorded important events related to the implementation of company's strategy to reach its vision to becoming a leading mining company preserving friendly environment in the world such as the signing of cooperation in tin explorations in Nigeria with Topwide Venture Limited on August 7 that year as an implementation of tin business international expansion strategy and to expand the potential of resources and reserves, he said.
The strategic cooperation with Yunnan Tin Group on September 14, 2017 was an implementation of the program to develop tin downstream industry, he added.
The issuance of bond and Islamic bond valued at Rp1.5 trillion on September 28, 2017 served as an implementation of the effective and efficient financing strategy of the company which became a member of the holding company of state enterprises on November 29, 2017.
"We have continued to improve the performance of PT Timah as the world's second largest producer of tin ore," Tabrani said.
