Indonesian tin mining company PT Timah Tbk will invest US$26 million or equivalent to Rp356.2 billion to realize the business expansion of the state-owned enterprise in Nigeria.
"The total value of its first phase of cooperation this year with a mining company in Nigeria amounts to $26 million," PT Timah Tbk`s President Director Mochtar Riza Pahlevi Tabrani said in Pangkalpinang, Bangka Belitung Province on, Thursday.
Tabrani was optimistic the presence of PT Timah in Nigeria would open up cooperation opportunities in other forms, especially in the mining and exploration sectors, to supplement the reserves that are being maximized by the mining holding.
"We continue to focus on working on strategic steps to realize the company`s expansion in Nigeria. This is a serious measure taken by Indonesia to enhance economic ties with African countries," he remarked.
Meanwhile, PT Timah`s Corporate Secretary Amin Haris Sugiarto stated the $26-million investment was a follow-up to the signing of an agreement in December 2017 with Nigeria`s Topwide Venture Ltd.
"We will establish a joint venture company (JV Co) soon, which will be the company`s operational representative in Nigeria," he confirmed.
The formation of the JV CO, PT Timah, along with Topwide Venture Ltd, will optimize the mining concession area of 16,000 hectares, he stressed.
"The first phase of production is expected to reach 5,000 metric tons per year. This amount will increase reserves and will make PT Timah the world`s number one tin producer," Amin noted. (antara)