Chinas Yunnan Tin Co. Ltd. expects to narrow its losses
in the third quarter, with tin prices rising sharply due to
restrictions on supply from Indonesia, the company said.
The companys net
loss for the nine months ended Sept. 31 is expected to land
between 980 million yuan and 1,010 million yuan ($160 million
to $165 million). This implies a net loss of between 15 million
yuan and 45 million yuan ($2.5 million and $7.4 million) in the
third quarter, well below net losses of 194 million yuan and
771 million yuan in the first and second quarters of this year,
The narrowing of its
net loss was due to higher tin prices and a write-off provision
on inventory deprecation in the second quarter, Tunnan Tin
The London Metal
Exchanges three-month tin contract settled at $23,475 per
tonne Oct. 14, up 21.6 percent from this years low of
$19,300 per tonne on July 26.
exports tumbled after the government tried to force all
exporters to sell tin via a local exchange before shipping.
Yunnan Tin posted a net profit of 85.4 million yuan in the
first nine months of 2012.
A version of this
article was first published in AMM sister publication Metal