JAKARTA. PT Timah Tbk (TINS) managed to record an increase of 144% year on year (yoy) in sales volume in the first semester of 2019.
PT Timah Corporate Secretary Abdullah Umar Baswedan said that the company's refined tin sales volume amounted to 31,000 tonnes in the first semester, up from 12,700 tonnes in the same period last year.
According to Mr Baswedan, Energy Ministerial Regulation No. 11/2018 concerning Land Awarding Procedures states that permission and reporting on mining and mineral business activities are the primary cause of the rising sales volume. The law signals that a mining company should have a competent person to report mining reserves that serve as the basis for the company's work and budget plan.
The company, said Mr Baswedan, was able to prove the origin of its tin ore reserves and formulate a work and budget plan for its mining business permit.
"Thus, Timah is the only company allowed to export tins from Indonesia," said Mr Baswedan as quoted by Bisnis Indonesia, Monday (15/7).
Furthermore, he explained that Asian countries are the company's largest export markets at 70%-75%, followed by Europe at 20%-25% and the US at 6%-7%, while the domestic market amounts to 2%-3%. (AM/MS)