02-05-2007: Indonesia's Koba Tin resumes shipments
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Indonesian tin miner PT Koba Tin has resumed shipments from the producing
island of Bangka, more than two months after it suspended delivery following
the arrests of three company directors, industry sources said on May 2. "The
first shipment has reached Singapore," said a source at its parent company,
Malaysia Smelting Corp Bhd (MSC). Another source at Pangkal Balam port in
Pangkalpinang, capital of Bangka-Belitung province, said Koba Tin shipped out
475 tonnes of refined tin to Singapore last week. "The shipment was carried
out on April 26 but I am not sure when they will have the next delivery," said
the source, who gave no further details. Koba Tin, 75% owned by MSC, suspended
tin shipments in February following a police investigation into alleged illegal
mining and the arrests of company directors, including president director Anuar
Sidek. MSC has denied its Indonesian unit obtained tin ore illegally. Koba
Tin is 25%-owned by PT Timah, the world's largest
integrated tin miner. Expectations of improving supplies from Indonesia, the
world's second-largest tin producer after China, have helped pull down tin
prices on the London Metal Exchange from a new contract high of US$15,100
(RM51,679) a tonne on April 18. Indonesia's tin sector has been under the
spotlight after a government crackdown on illegal mining in Bangka-Belitung
islands last October forced dozens of independent small smelters to close,
sending tin price on the LME to contract highs. Following the crackdown, the
government has issued stringent rules for tin exports, including producing
refined tin with a minimum purity of 99.85% and providing proof of royalty
payments. Tin dropped US$100 a tonne to US$13,900 on May 2, having risen
US$250 to US$14,000 in London the previous day. -- Reuters
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