Indonesian government plans to stop small business miners in its main tin-producing Bangka-Belitung island for the next four years due to damage on its 657,510 hectares of forest areas in Bangka-Belitung. Governor Eko Maulana Ali is quoted saying: “Traditional Tin mining has been expanding. Farmers and fishermen have now switched to mine Tin.” Click here [...]
The metals markets got a surge of heat with world leaders committing $1.1 trillion to combat global recession. Tin was up at $10,950 a tonne, its highest since March 11, from $10,450.
It couldn't have come at a better time. Sentiment on the LME metals complex is still trapped between the conflicting signals coming from East and West, resulting in choppy, consolidatory price action. However, downside momentum has stalled across the board with predators now looking for "relative value" plays.
Even as stockpiling in China is set to raise the bar for the price of tin, miners in Peru may go on strike on March 15, which could bring on some pressure. Queensland Small Miners too have blamed the government for not adequately supporting small miners.
Unlike most of the other base metals, there is no growing tin surplus. Inventories held at the London Metal Exchange now sit at 8,820 tonnes, against a 52-week high of 11,430 tonnes. The potential is that a rebound in Chinese demand, coupled with the closing of mines in Indonesia, could trigger supply shortages.
China has been bailing out its struggling domestic smelters by stockpiling metals since December. Heralding the Chinese New Year, wherein most companies and projects run overtime during the Spring Festival in order to ensure annual production plan, several firms have decided to take the long road.
Kivu Resources Ltd. abandoned plans to spend $28 million developing Mpama Bisiye, one of Congo’s largest tin deposits, 200 kilometers west of Goma, because Congolese government soldiers occupied the installation. For full story, clik here
North Queensland Metals Limited has acquired a suite of tin mining leases immediately to the north of NQM’s EPM 14741 tenement at Herberton. For full story, click here
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