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The Jakarta Post reported tin miners are losing money as commodity prices tumble lower in the global markets.
The Jakarta Post reported tin miners are losing money as commodity prices tumble lower in the global markets.
As quoted in the market news:
The country’s mineral miners, including tin producer PT Timah and nickel producer PT Vale Indonesia, continued to face setbacks in their businesses in the first semester of the year as a result of falling commodity prices following the global economic slowdown.
State-owned Timah reported consolidated revenue of Rp 4.13 trillion (US$437 million) during the January-to-June period of the year, 15 percent lower compared to Rp 4.83 trillion over the same period last year. The decline was particularly due to lower production and delivery, a move that the company chose to overcome with the falling sales price of tin.