JAKARTA (Yosefardi) – Shares of state tin producer PT Timah Tbk (TINS), the world’s second largest tin producer, retreated 0.64% to Rp1,560 this morning, after gaining more than 6% on Monday (Sept 9).
The stock gained in the past three trading days. It had gained 64% from its lowest (Rp950) in July.
Media reported this morning Timah, through its subsidiary PT Timah Investasi Mineral, will acquire coal mining license in Sekayu, Musi Banyuasin, South Sumatra for a total value of Rp1 trillion. Timah is also now in negotiation to acquire mining asset in South Kalimantan.
Timah targets to book net profit of Rp1 trillion this year, a 132% jump compared to Rp431.6 billion in 2012. While revenues is targeted to increase to Rp8-9 trillion.