Indonesian Company Invests in Myanmar and Vietnam Tin Mines
05/12/08 14:12PT Timah to acquire tin mines in Myanmar, Vietnam
Jakarta (ANTARA News/Asia Pulse) - Indonesia's state-owned tin mining company PT Timah has said it will set aside Rp4 trillion (US$436 million) to acquire tin mines in Myanmar and Vietnam this year.
Corporate secretary Abrun Abubakar said a research team of the company was finalizing a study on the value of the mines to be acquired. The world's largest tin-producing company would use a standby loan from banks and an additional loan would be sought depending on the result of the study, Mr Abubakar said.
Three banks had already offered loans to finance the acquisition, he added. The company exports 97 per cent of its tin production.
