Malaysia Smelting Corp (MSC) recorded a 20% increase in net profit at its tin mining unit in 2017, but its smelting segment registered a loss due to aged equipment and operation inefficiencies that will be addressed by the relocation of its Butterworth smelter from Penang to Port Klang, it said on Friday February 23.
MSC's mining division reported net profit of MYR 34.88 million ($8.92 million) in 2017, compared with MYR29.00 million the previous year, as the price of tin on the London Metal Exchange rose to an average of $20,036 per tonne from sub-$18,000 per tonne levels in 2016, MSC said. But lower recovery of tin from aged smelting equipment contributed to higher production costs and operating expenses. The tin smelting segment registered a net loss of MYR 20.03 million in 2017 compared with a profit of MYR 14.27 million in 2016. Overall, the group's total net profit for 2017 was MYR 15.93 million. MSC produces mostly 99.85% tin...