Indonesia’s Timah To Take Over Koba Tin

Reuters reported PT Timah has been asked by the government to take over the operations of Malaysian-led joint venture, PT Koba Tin, when its contract expires in 2013.

As quoted in the market news:

Indonesia, the world’s biggest exporter of refined tin, announced a series of new mining rules this year that include limiting foreign ownership in mines to no more than 49 percent after 10 years of production.

Unlisted Koba Tin, which is also involved in the processing, smelting and marketing of tin, operates under Indonesia’s previous contract of work (CoW) licensing system and has a total area of 41,680 hectares (102,993 acres) in the Bangka-Belitung islands, the country’s main tin producing region.

Click here to read the full Reuters report.