PT Timah
PT TIMAH (Persero) Tbk is Indonesia’s state-controlled tin miner, and most of its ore comes out of the sea. Offshore areas supplied 61.9% of its tin ore in 2025 and hold 58.6% of its reserves. It works the shallow waters around Bangka, Belitung, Kundur and Karimun with a fleet of suction vessels, and smelts the ore at Mentok in West Bangka.
News and articles
Overview
- Established on August 2, 1976, as PT Tambang Timah, from Dutch tin companies nationalised between 1953 and 1959. Head office in Pangkalpinang, Bangka Belitung.
- Listed on the Jakarta exchange on October 19, 1995, when 35% of the company was sold. Global depositary receipts listed in London at the same time were withdrawn in 2006.
- Offshore mining supplied 11,537 of 18,635 tonnes of contained tin in 2025, and 7,516 of 12,232 tonnes in the first half of 2026.
- The licence position is largely marine. Of 473,294 hectares held at the end of 2025, 184,672 hectares are offshore.
- The offshore fleet is mostly leased in. About 44 production suction vessels were operating at the end of 2025 out of roughly 60 slots, and only 12 of those were owned by the company.
- Management says the reserves now sit deeper than parts of the fleet can reach, requiring equipment that works beyond 50 to 60 metres.
- The 2026 plan is an offshore plan: new marine areas at Laut Beriga, Laut Rias and Laut Oliver, and an increase in permitted production pontoons from 360 to about 1,000 in the second half of the year.
- Smelting runs through one Ausmelt furnace of up to 40,000 tonnes a year at Mentok, six reverberatory furnaces and a second plant at Kundur. A solder plant adds 2,100 tonnes a year of downstream capacity.
- The company describes itself as one of the largest tin producers and exporters in the world. Its 2025 exports were ~24% of Indonesia’s tin exports and ~3% of global tin exports.
Offshore licence areas
Licence area by location at December 31, 2025, from the audited accounts. Offshore hectares are the marine part of each holding.
| Location | Licences | Offshore hectares | Onshore hectares | Total hectares |
|---|---|---|---|---|
| Bangka Barat, West Bangka | 44 | 41,109 | 48,692 | 89,801 |
| Belitung Timur, East Belitung | 8 | 30,910 | 30,355 | 61,265 |
| Cross-regency, Bangka Belitung | 11 | 28,491 | 88,492 | 116,983 |
| Bangka | 20 | 19,756 | 62,068 | 81,824 |
| Cross-province, Riau and Riau Islands | 1 | 19,594 | n/a | 19,594 |
| Karimun | 4 | 18,875 | n/a | 18,875 |
| Bangka Selatan, South Bangka | 18 | 14,358 | 23,907 | 38,265 |
| Riau province | 2 | 6,540 | n/a | 6,540 |
| Bangka Tengah, Central Bangka | 9 | 5,039 | 21,845 | 26,884 |
| Belitung | 9 | n/a | 13,263 | 13,263 |
| Total | 126 | 184,672 | 288,622 | 473,294 |
Licences run to dates between 2025 and 2037. By August 14, 2026, the group reported 127 licences over 473,569 hectares, with the offshore figure unchanged. Several offshore licences are suspended and cannot be mined, and permitting for the Laut Oliver area is held up because the zone falls outside the designated mining zone.
The marine fleet
| Vessel type | Number | What it does |
|---|---|---|
| Production suction vessel, Kapal Isap Produksi | ~44 operating of ~60 slots at the end of 2025, of which 12 are company owned | The workhorse of the offshore business. New units take 8 to 12 months to build and are scarce to hire. |
| Dredger, Kapal Keruk | KK Singkep 1 and KK Kundur 1 named | Both were suspended in 2023 and written down. KK Singkep 1 was back in operation through the first half of 2026. The company has described it both as a bucket wheel dredge and as a cutter suction dredger. |
| Cutter suction dredger for overburden, Kapal Isap | 2, named Pulau Tujuh and Semujur | Strip overburden to 15 to 18 metres and open channels ahead of the dredger and the suction vessels. |
| Production suction pontoon, Ponton Isap Produksi | 360 permitted, with an addendum planned to raise it to ~1,000 in the second half of 2026 | Shallow and coastal work. The same vessel type is used for the illegal coastal mining the company names as its biggest production problem. |
| Drill vessel, Kapal Bor | Not disclosed; one guide-drilling vessel per production area in 2025 | Guide and infill drilling to firm up offshore blocks before extraction. |
| Offshore bore hole mining | None in service | A named development project, still in technical testing against tin production vessel standards, with a slipped timeline. |
The company publishes no complete fleet inventory by type. The counts above are the most its 2023 to 2026 reporting supports.
Reserves and resources
| Measure | Offshore | Onshore | Total |
|---|---|---|---|
| Tin reserves at December 31, 2025, tonnes of contained tin | 183,438 | 129,562 | 313,000 |
| Tin resources at December 31, 2025, tonnes of contained tin | 342,952 | 456,640 | 799,592 |
The annual report states that the majority of reserves are offshore, at 58.6% of the total. At the end of the first half of 2026 the company reported 312,000 tonnes of reserves and 798,000 tonnes of resources without splitting them.
Production and results
| Measure | First half 2026 | 2025 | 2024 |
|---|---|---|---|
| Tin ore production, tonnes of contained tin | 12,232 | 18,635 | 19,437 |
| Of which offshore | 7,516 | 11,537 | 11,713 |
| Offshore share | 61.4% | 61.9% | 60.3% |
| Refined tin production, tonnes | 10,865 | 17,815 | 18,915 |
| Average selling price, US$ a tonne | 49,794 | 35,240 | 31,181 |
| Revenue | Rp10.42 trillion | Rp11.55 trillion | Rp10.86 trillion |
| Net profit | Rp2.71 trillion | Rp1.31 trillion | Rp1.25 trillion |
| Exports as a share of sales | 97% | 95% | 88% |
The 2026 production target is 30,000 tonnes of contained tin, against 18,635 tonnes in 2025. First-half net profit was already 169% of the full-year target. On September 10, 2026, at its public expose, the company said it had asked shareholders to approve a revised 2026 work plan and budget with higher financial targets, and that it would not disclose the new targets until they were approved. A dividend of Rp656.8 billion for 2025, half of net profit, was paid on July 10, 2026.
Community opposition offshore
Opposition to marine mining is a live constraint on production, and in August 2026 it became a disruption.
- The 2025 annual report lists community opposition to new sites at Laut Beriga and Laut Rias among seven named causes of that year’s shortfall in tin ore. The 2024 report named Laut Beriga, Laut Rias and Laut Oliver on the same grounds.
- On August 7, 2026, hundreds of miners demonstrated at the company’s production supervision office at Lenggang in East Belitung, over collapsed tin prices, difficulty accessing sales channels and limited purchasing funds at the company’s collection points.
- The demonstration turned to arson. The front of the supervision office was burned, and a tin ore warehouse about 600 metres away was burned and looted. The company declared force majeure and activated its emergency response plan. All employees were reported safe.
- The company said operations in part of the Belitung area remained disrupted, that it respects the aspirations of the community, and that clear and consistent regulation is a prerequisite for orderly tin governance. It had already reopened a number of ore collection stations.
- East Belitung sits inside the offshore footprint, with 30,910 hectares of marine licence area. Belitung regency itself holds no offshore licence.
- The company published nothing further on the disruption up to October 2, 2026.
Presentations
Earlier reports (3 documents)
| Year | Document |
|---|---|
| 2025 | Sustainability report (PDF) |
| 2024 | Annual report (PDF) |
| 2023 | Annual report (PDF) |
Ownership
| Holder | Shares | Percent | As reported in |
|---|---|---|---|
| PT Mineral Industri Indonesia, MIND ID, series B | 4,841,053,951 | 65.0 | Annual report 2025, at December 31, 2025 |
| Public, series B | 2,606,699,502 | 35.0 | Annual report 2025, at December 31, 2025 |
| Government of Indonesia, series A Dwiwarna | 1 | <1 | Annual report 2025. A single golden share carrying special approval rights. |
| Total shares outstanding | 7,447,753,454 | 100 | Annual report 2025 and the audited accounts, at December 31, 2025. Unchanged since 2021. |
Group ownership
| Group | Shares | Percent | Source |
|---|---|---|---|
| State controlled, through MIND ID and the golden share | 4,841,053,952 | 65.0 | Annual report 2025, summed and computed |
| Free float | 2,606,699,502 | 35.0 | Annual report 2025 |
MIND ID became the controlling shareholder after the government named a state mining holding company on November 27, 2017. The company’s own disclosures differ on the entity directly above MIND ID: its group structure diagram for December 31, 2025, names PT Biro Klasifikasi Indonesia at 99.99%, while its August 2026 results deck names PT Danantara Asset Management at 99%. Both agree on the 65% holding in PT Timah.
Report archive
PT Timah reports to the Indonesia Stock Exchange, which publishes no filing index this site can mirror. Its annual reports, sustainability report and presentations are hosted here and linked above. Its press releases, translated from Indonesian, are in the news table at the top of this page.