Indonesian state-owned tin miner PT Timah (Persero) Tbk. entered a joint venture agreement with Nigeria-based Topwide Ventures Ltd. for the development of a tin mining site in Nigeria, The Jakarta Post reported Dec. 14.
The agreement will enable the parties to jointly conduct a feasibility study, geological mapping and exploration drilling in the country.
Timah and Topwide will form a joint venture company that will own the project and manage exploration and mining activities in Nigeria, said Alwin Albar, Timah's production and operations director.
Timah posted a 44.17 % year-over-year jump in its nine-month revenues to 6.6 trillion Indonesian rupiah, while net profit skyrocketed to 300.57 billion rupiah from only 50.65 billion rupiah in the year-ago period.
As of Dec. 14, US$1 was equivalent to 13,577.00 Indonesian rupiah.