REPUBLIKA.CO.ID, JAKARTA -- State-owned tin mining company PT Timah has allocated Rp43.98 billion to finance its on- and off-shore exploration activities until May 2016.
PT Timah Corporate Secretary Agung Nugroho stated in his company's report to the Indonesian Stock Exchange on Thursday that of the amount, Rp37.65 billion was set aside for operational costs and Rp6.33 billion, for other investment.
Agung explained that off-shore exploration activities include prospection and detail drillings in the Bangka waters that cover Lubuk Bundar, Cupat Luar, and Ranggam seas as well as in the East Balitung waters, which cover the Sukun and Oliver seas. The company will use five drilling ships for carrying out the activities.
On-shore exploration activities covered geological mapping, core logging, pilot core, drilling grid measurement, and primary tin drilling on Bangka Island (Binjai, A. Blasing, A. Binji, and Pelembang Cungfo) and Belitung Island (Batu Besi Damar and Merenteh).
The results of off-shore explorations included the finding of 179 tons of inferred reserves, 899 tons of indicated reserves, and 4,375 measured reserves.
All exploration results constituted the alluvial tin sediment type. The results of on-shore explorations could not yet be reported as the work is still ongoing.
The next exploration activity plan in June 2016 will encompass evaluation and continuation of previous month's activities: off-shore detailing and prospection drillings using five ships. The activities will be conducted in the Bangka waters (Ranggam and Pengganak seas) and Belitung (Sukun and Oliver seas). The primary tin drillings will be conducted in Bangka and Belitung.
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