Deputy Minister of State-Owned Enterprises (BUMN) Kartiko Wirjoatmodjo admitted that he was preparing a scheme to restore the financial performance of PT Timah Tbk (TINS) which lost Rp449 billion in 2023.

The man who is familiarly called Tiko said one of them was by taking over illegal mines on PT Timah's land.

"It's a scheme to start taking over again which was taken by illegal miners yesterday," he said while attending the celebration of Bulog's 57th Anniversary in Jakarta, Wednesday, May 22.

According to Tiko, by taking over the land used by illegal miners, PT Timah's production is expected to increase again.

"So that we can produce even greater in the future," said Tiko.

For your information, based on PT Timah's report, the company lost up to IDR 449 billion throughout 2023.

One of the reasons is the rise of illegal mining activities in the PT Timah mining area.

In addition, the weakening demand due to the strengthening of the United States (US) dollar is also the driving force. In fact, in 2022, the company still recorded a profit of IDR 1.04 trillion. This means that there is a decrease of up to 143 percent.

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