For decades the tin market has moved from one crisis to another, and the current world recession is now raising new challenges for all stakeholders in the industry. In the short-term the market is again oversupplied, but in a few years the situation could change dramatically. Though global demand for tin has fallen rapidly to an estimated 350,000 tonnes in 2008, the 15 tin companies listed on the ASX are doing extremely well. Check out an overview.
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.
The world’s leading tin miner, PT Timah has announced it may restrict refined tin production in an attempt to counteract falling prices. PT Timah’s production curbs are representative of a growing trend in Indonesia. Tin smelters across the nation are halting production.
Gippsland Ltd. reported that ore reserves at the Egyptian Abu Dabbab tantalum-tin project have now doubled to 30.24 million tonnes from 14.60 million tonnes, grading 255 grams per tonne of tantalum pentoxide and 0.109 percent tin. This is an estimated 107 percent increase in total ore reserves.
Executive chairman Jack Telford said:
This massive increase in the project’s ore reserves [...]
Wednesday, July 22, 2009