|
Tin in the news (10Oct09) |
Indonesian private smelters remain closed (07 Oct 2009)
The spokesman for tin consortium PT Bangka-Belitung Timah Sejahtera told Reuters today that the group’s smelters remain closed as a result of shortage of ore supplies. Many small mines have stopped operating recently due to increased police activity against illegal mining and the religious holidays. It could be some time before the smelters resume normal operations due to security and supply issues.
However, Indonesia’s main producers, PT Timah and PT Koba Tin, have not been affected by the current situation and all producers in the main tin-producing areas confirmed last week that their operations had not been impacted by the earthquake in Sumatra. PT Timah’s President Director Wachid Usman told Bloomberg on 1 October that Indonesia was on course to produce 100,000 tonnes in 2009, but second half output could be lower than previously expected as a result of the new efforts against illegal mining.
Vinto production expanding (06 Oct 2009)
Bolivia’s Mining Minister, Luis Alberto Echazu told Bloomberg that the Vinto smelter will increase refined tin output to at least 10,500 tonnes this year and will invest on a US$25 million new Ausmelt furnace in 2010. In theory, the smelter should be able to produce 27,000 tonnes of tin with the new furnace and the three existing furnaces. The smelter, which the government seized from Glencore International AG in February 2007, produced 9,544 tonnes of refined metal in 2008. Bolivia plans to settle a compensation deal with Glencore by the end of this year.
Vinto produced 5,517 tonnes of tin in the first half of 2009, up 35% on year ago level.
LME users upset by tin squeeze (01 Oct 2009)
Tin traders are complaining that the LME tin market is “disorderly” and prices distorted with the latest data showing one entity controlling more than 90 percent of stocks and cash contracts. The premium for cash material over the three-month contract was pushed to US$730 a tonne last week although there is no shortage of tin and the LME stocks have risen to over 26,000 tonnes, more than three times the level at the start of this year
The London Metal Exchange would not comment on any aspect of the above which has been told to Reuters.
(Source: ITRI 10 October 2009)
Help this site to stay free & run by buying me a cup of coffee!mfBeer Joomla! Plugin
|
News Summaries(International) 
to get Mozilla Firefox