Koba Tin yet to receive export licence
March 21 2007
JAKARTA: Indonesia's energy ministry has recommended that PT Koba Tin be
allowed to export tin but the trade ministry is yet to issue the company an
export permit, government officials said yesterday.
<a href='http://avn.innity.com/avncl.php?n=5605194'
target='_blank'><img
src='http://avn.innity.com/avnvw.php?campaignid=1836&what=1424&n=5605194'
border='0' alt=''></a> The market is keenly waiting for Koba Tin's
licence as sales from Indonesia's second-biggest tin producer could shore up
global supplies of the metal.
Worries about supply from Indonesia's tin-producing Bangka island off Sumatra
after a government crackdown on illegal mining propelled global tin prices to a
new contract high of US$14,150 (US$1 = RM3.50) a tonne in early trade.
The trade ministry has announced new export rules under which it has issued
permits to two firms, but is still scrutinising Koba Tin's papers as police
have handed over a dossier on the alleged illegal mining to the
attorney-general's office.
Under Indonesian law, prosecutors work on formulating charges after a dossier
has been submitted. Illegal mining carries a maximum penalty of six years in
jail.
Malaysian Smelting Corp owns 75 per cent of PT Koba Tin, while the rest is
owned by Indonesia state mining firm PT Timah Tbk. Malaysian Smelting has
denied its Indonesian unit obtained tin ore illegally. - Reuters
---------------------------------
No need to miss a message. Get email on-the-go
with Yahoo! Mail for Mobile. Get started.
