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Management rethink for ‘sparkling’ LSH

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Irish developer beefs up team

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Wharf threatened by bank tenant fallout

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Your starter for £10

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Inside the big deal

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House of Fraser spots gap in City retailing

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Metal fatigue

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British Land fails in rent review fight

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Tin miner Timah to invest Rp 2 trillion this year for expansion

first_imgState-owned tin miner PT Timah is slated to invest around Rp 2 trillion (US$145.6 million) to finance expansion projects this year, including the construction of a tin smelting plant.Timah corporate secretary Abdullah Umar Baswedan said in Jakarta on Monday that  the funds would be partly used to finance the exploration of new tin reserves on the tin-rich Bangka Belitung Island.Investment would also go into developing an US$80 million smelter in the province, repairing old ships, growing company subsidiaries and continuing exploration efforts in Africa, he added. Topics : The publicly listed miner has yet to publish its annual report for the 2019 financial year but Abdullah estimated that production reached between 65,000 and 70,000 tons last year.  This year, production is projected to increase 5 percent. But revenue during the year would rely much on global tin prices, which have begun to decline since January due to the coronavirus epidemic in China, the world’s largest tin consumer.“We cannot control global prices. But we can control and maintain our export volume,” said Abdullah, adding that Indonesia contributed 23 percent of the global tin market, “If we exclude China, it’s more than 40 percent.”Timah president director Mochtar Riza Pahlevi Tabrani, also on Monday, said the company was looking into exploring mineral reserves in Nigeria and Tanzania. The company was particularly close to beginning operations in the former, where it only needs “a sort of environmental impact assessment” to begin.“The biggest challenge in Africa is limited infrastructure,” he said, “The second issue is security.”last_img read more

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Iranian lawmaker dies of novel coronavirus

first_imgAn Iranian lawmaker died from the novel coronavirus on Saturday, state news agency IRNA reported, one of several officials to succumb to the illness in the epidemic-hit country.Fatemeh Rahbar, 55, was a conservative MP and had recently been elected to the parliament from the capital Tehran, the agency said.She is the second lawmaker killed by the virus in Iran and one of seven politicians and government officials who have died in the outbreak since the country reported its first cases in mid-February. Iran has been scrambling to contain the rapid spread of the virus, which so far has infected 4,747 people and killed at least 124.Rahbar was among the top candidates in Tehran for the conservatives, who overwhelmingly won February’s general election marked by the lowest turnout in the Islamic republic’s history.Iran has closed schools and universities, suspended major cultural and sporting events and reduced working hours across the country to slow the contagion, which has spread to all of its 31 provinces.Topics :last_img read more