PETALING JAYA: The positive global outlook for the tin market, coupled with the deployment of strategic initiatives, is set to fuel tin miner and tin metal producerGroup chief executive officer Datuk Patrick Yong told StarBiz that while there are short-term uncertainties, the long-term outlook for tin remains positive.
According to research and consulting firm, Gartner Inc, the improving demand for consumer electronics in the global information technology industry is expected to see an 8% growth in 2024, followed by another strong increase of 9.4% in 2025. For the full FY23, net profit stood at around RM85mil compared with RM98.3mil previously. Revenue for the period declined to RM1.4bil against RM1.5bil in FY22.
For 2024, Yong said the company would implement cost-effective measures that would improve its operational efficiency and overall performance. Furthermore, he said MSC would continue to focus on ensuring the top submerged lance furnace in its new smelter in Pulau Indah is in a stable state for smelting.
The Pulau Indah plant currently smelters third-party tin ores. The TSL furnace has a smelting capacity of 40,000 tonnes of tin ore .