TINS Sees Bright Future as Government Cracks Down on Illegal Mining

Strong Q3 Performance

PT Timah Tbk (TINS), Indonesia's major tin producer, has reported a significant improvement in its financial performance for Q3 2025. The company recorded a net profit of Rp 602 billion, marking a substantial increase from the Rp 300 billion reported in H1 2025. This strong performance was driven by two key factors: a low base effect from H1 2025 and successful cost reduction efforts.

Factors Driving Improvement

1. Low Base Effect: The H1 2025 performance was impacted by export halts during the management transition, creating a lower base for comparison.
2. Cost Reduction: TINS successfully lowered its cash cost from around US$ 20,000 per ton in H1 2025 to a more competitive level, improving profit margins.
3. Government Support: The government's intensified efforts to curb illegal tin mining in key regions like Bangka Belitung have helped create a more favorable operating environment for TINS.

Positive Outlook for 2026

Analysts from Samuel Sekuritas Indonesia, led by Harry Su, note that these factors position TINS for a brighter outlook in 2026. The expected continuation of strict controls on illegal mining and a projected rise in tin prices are seen as key drivers for future growth. The combination of improved operational efficiency and favorable market conditions is likely to support TINS' financial performance in the coming year.