In March 2024, Indonesia's refined tin exports reached 3,858.35 metric tons, marking a decrease of 19.4% year-over-year compared to March of the previous year when exports reached 4,784.89 metric tons. However, there was a significant increase in tin exports compared to the preceding two months of January and February 2024, which saw declines of 99% and 95%, respectively. The decline in Indonesian tin exports can be attributed to delays in the approval of Work Plans and Budgets (RKAB) for hundreds of mining companies following changes in the approval process at the Ministry of Energy and Mineral Resources (ESDM). Additionally, certain private tin smelting companies ceased operations due to investigations into alleged corruption in the Mining Business License (IUP) area of PT Timah Tbk. The Attorney General's investigators, besides identifying smelter owners as suspects, also seized tin smelters in Bangka Belitung, including PT Tinindo Internusa, CV Venus Inti Perkasa, PT Stanindo Initi Prkasa, and PT Sariwigunan Bina Sentosa.
Only Indonesia's largest tin mining company, PT Timah Tbk (TINS), resumed exports after obtaining permission to export around 30,000 metric tons of refined tin in 2024. PT Timah Tbk's tin ore and ingot production decreased last year, with tin ore production falling by 26% to 14,855 tons from 20,079 tons in 2022. Tin metal production at PT Timah Tbk decreased by 23% in 2023 to 15,340 tons from 19,825 tons in 2022. Regarding sales, tin metal sales in 2023 decreased by 31% to 14,385 tons from 20,805 tons in 2022. Apart from PT Timah, another private company, PT Mitra Stania Prima (MSP), has also received export quotas. At least 15 RKABs for mining companies have been issued with a quota of up to 46,000 metric tons. PT Timah Tbk's export quota can alleviate the tightening global tin supply. Indonesia produced 74,400 tons of refined tin last year, accounting for one-fifth of global production, with 57,317 tons exported, primarily to China.
