Jakarta, March 28, 2024 - PT Timah Tbk ("the Company"; IDX: TINS) today announced its audited Consolidated Financial Statements for the period ended December 31, 2023.
The slow recovery of the global and domestic economy, as well as pressure on world tin metal prices in 2023 due to the strengthening of the US currency and weak tin demand due to high LME Inventories have resulted in a decline in Indonesia's tin exports since 2022 until now. In addition, unauthorized tin mining that occurred in Bangka Belitung due to the unimproved governance of tin, negatively impacted the tin business in Indonesia, especially the Company.
" Global and domestic economic conditions that have not improved as well as global demand for metal amidst unlicensed mining activities have an unfavorable impact on the Company's performance. In 2024, the company focuses on increasing production through the addition of mining equipment and opening new locations, recovery plan strategies, and efficiency programs, management is optimistic that the Company's performance this year will be better in accordance with the target," said Fina Elinani, Director of Finance and Risk Management PT Timah Tbk.
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