President Prabowo Oversees Handover of Confiscated State Assets from Illegal Mining to PT Timah Tbk

President Prabowo Subianto oversees the handover of Confiscated State Assets (BRN) to PT Timah Tbk., held at the PT Tinindo Internusa Smelter in Pangkal Pinang city, Bangka Belitung Islands province, Monday (10/06). (Photo by: BPMI of Presidential Secretariat)

President Prabowo Subianto Monday (10/06) oversaw the handover of Confiscated State Assets (BRN) to state-owned tin miner PT Timah Tbk., during a ceremony held at the PT Tinindo Internusa Smelter in Pangkal Pinang, Bangka Belitung Islands province.

The handover process was carried out in several stages, beginning with the transfer from the Attorney General to Vice Minister of Finance, followed by the handover to CEO of Danantara, and concluding with the transfer from CEO of Danantara to President Director of PT Timah Tbk.

President Prabowo witnessed this historic moment, marking the Government’s significant move to recover state losses resulting from illegal mining practices in the PT Timah area.

“This morning, I visited Bangka, where we jointly witnessed the handover of state assets previously controlled by private entities that had violated the law,” the President said in his press statement following the event.

The confiscated assets comprised a wide range of items, as follows:

• 108 units of heavy equipment;
• 04 tons of tin crystal products (crystalyzer);
• 47 tons of crude tin in 112 blocks;
• 15 bundles of aluminum (15.11 tons) and 10 jumbo bags (3.15 tons);
• 29 bundles of Rfe tin metal (29 tons);
• 1 employee dormitory;
• 53 vehicles;
• 22 plots of land covering a total area of 238,848 m²;
• 195 units of mining equipment;
• 680,687.6 kilograms of tin;
• 6 smelters; and
• Cash deposited into the state treasury amounted to Rp202,701,078,370, US$3,156,053, JP¥53,036,000, S$524,501, €765, ₩100,000, and A$1,840.

On that occasion, the President stated that the total value of the confiscated and transferred assets was estimated at between Rp6 trillion and Rp7 trillion. This amount does not include rare earth elements (monazite), which could be worth significantly more.

“The value of the six smelters and confiscated materials is estimated at between Rp6 trillion and Rp7 trillion. However, the value of unprocessed rare earth elements, particularly monazite, is likely even greater. One ton of monazite can be worth hundreds of thousands of dollars, around US$200,000,” the President said.

President Prabowo further said that total state losses resulting from illegal mining activities in the PT Timah area are estimated at approximately Rp300 trillion. This figure reflects a significant leakage of state assets that must be halted immediately.

“We can imagine the state losses from just these six companies alone, with total losses already reaching Rp300 trillion. The losses have reached Rp300 trillion, and we are stopping this,” the President remarked.” (BPMI of Presidential Secretariat) (RIF/MUR)