Yunnan Tin Company Ltd confirmed last week that it will invest US$9.7 million in two ventures in Indonesia.
$8.7 million will buy a 51% share in a $17 million smelting venture with Singapore-based KJP Investments (48%) and local partner PT Bangka Global Mandiri. KJP is a shareholder with YTC in Singapore Tin Industries, which started up in June 2006 to refine metal from Indonesian independent smelters. The partners plan a 10,000 tpy operation, which they say will be the third largest on Bangka island.
In addition, just over $1 million will be invested in a 51% share in a mining venture with KJP and other Indonesian investors.
The announcement coincides with a call by newly installed Bangka-Belitung governor Eko Maulana Ali for domestic investors to cooperate with Chinese companies in exploiting the province’s tin mining potential.
Following his inauguration on April 25 the governor signed three Memoranda of Understanding (MoU) with three Chinese firms to cultivate the province’s tin mining. Apart from YTC, MoUs were also signed with Hoi Pak Far East International Limited and PT Guangxi Qinzhou Jiahua Mining Industry Ltd. Both the latter firms are involved in processing tin mining residues.
