UPDATE 1-China's Yunnan Tin to cut Q4 output by 30 percent
Mon Nov 3, 2008 7:30pm EST
reuters.com
(Adds details, background)
SHANGHAI, Nov 4 (Reuters) - Yunnan Tin 000960.SZ, China's top producer of the metal, said on Tuesday it would cut output by about 30 percent in the fourth quarter compared with its original plan, due to weak demand and falling tin prices.
The company had said it planned to produce 60,000 to 70,000 tonnes of refined tin this year.
"Currently, due to volatile prices in the market and uncertainties in the company's sales, the company is not able to forecast the earnings in the fourth quarter," it said in a statement issued to the Shenzhen Stock Exchange.
A source at Yunnan Tin said the company had planned to cut tin production by about 3,000 tonnes in July-August due to repairs at plants in China.
Tin miners in China have struggled with low-grade ores in the past few years after decades of mining and a lack of new discoveries, reducing supply and supporting ore prices. (Reporting by Alfred Cang) |
