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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (37550)	5/24/2009 11:17:12 AM
From: LoneClone	Read Replies (1) of 195027

Timah cuts capital spending Release date: 22 May 2009 itri.co.uk Indonesia’s state controlled tin company PT Timah will reduce capital spending further this year in response to adverse market conditions. Timah president director Wachid Usman said that the budget for investment this year would be reduced from Rp 900 billion (US$87.3 million) to Rp 350 billion, according to the Jakarta Post today. "The global economic conditions have not recovered yet, so we decided to focus on upgrading our existing core business first," Wachid said after a shareholders' meeting on Wednesday. Previously, the company announced that it would spend Rp 900 billion in capital expenditure this year, lower than last year's budget of Rp 1.4 trillion. The main items in this year’s spending plan are Rp 250 billion for a 10,000 tpy capacity tin chemicals plant in Java and Rp 80 billion for the purchase of new small cutter suction dredges, with the balance accounted for work to upgrade dock facilities. The planned purchase of two big deep water bucket ladder dredges will be part of the 2010 budget. Timah will place orders worth an estimated Rp 440 billion in total for these. Meanwhile plans to invest in asphalt production have been delayed. According to a Bisnis Indonesia report, Timah expects sales of refined tin this year to be between 42,000 tonnes and 46,000 tonnes, but the company’s executives declined to make public their production forecast.

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