JAKARTA – Indonesia’s House of Representatives (DPR) has voiced support for PT Timah Tbk (TINS) to become a price setter in the global tin market.

To achieve this goal, TINS, alongside PT Mineral Industri Indonesia (Persero), also known as MIND ID, has been permitted to collaborate with other major tin producers worldwide.

“This is in order to form a global tin price-setting alliance,” said Adisatrya Suryo Sulisto, Deputy Chair of Commission VI of the DPR, during a public hearing held on Wednesday (14/5).

Domestically, TINS has also received backing to act as a price setter for the tin commodity.

Adisatrya stated that Commission VI supports the issuance of legal instruments that would allow TINS to sell tin and other critical and strategic minerals through a single gate system.

Currently, TINS holds tin reserves of approximately 807,000 tonnes. This figure is considered sufficient to support production activities for the next 20 years and represents 17% of total global reserves.

On Thursday’s trading session (15/6), TINS shares fell by 1.32% to IDR 1,120 per share. However, over the past year, shares of this state-owned company have strengthened by 18.52%, or 175 points. (KR/ZH)