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Indonesia transfers assets to a state-owned tin mining company as crackdown intensifies

Indonesia's Attorney General handed over heavy equipment and smelters seized as part of a corruption investigation to state-owned tin mining company PT Timah on Monday, while President Prabowo urged the authorities to stop illegal tin mining and smuggling.

The resource-rich nation is stepping up its efforts to improve the governance of natural resource exploitation. This includes measures such as a crackdown on illegal mining.

Prabowo visited the tin hub Bangka Island in order to see the transfer of assets confiscated following a number tin executives' convictions for colluding with illegal mining.

Attorney General said that their actions led to state losses of about 300 trillion Rupiah (18.09 billion dollars), including environmental damage.

The visit was made after Prabowo announced that he would close about 1,000 illegal mines of tin on the islands, and intensify the crackdown on tin-smugglers. Tin prices reached a six-month high last week.

Prabowo, on Monday, urged the military and other authorities to continue efforts to combat illegal activities.

After the handover, Prabowo said to reporters: "We will eradicate smuggling and illegal mining. We will eradicate those who break the law.

Data from the Attorney General's Office showed that among the assets transferred to Timah, a state-owned tin mining company, were six smelters and about 680 metric tonnes of refined tin, as well as 108 heavy equipment units.

Data showed that the assets could generate an annual revenue of 4.6 trillion Rupiah when operated.

The assets on display included stacks of tin ingots, and dozens excavators. $1 = 16,580.0000 Rupiah (Reporting and writing by Fransiska Naangoy, Editing by Martin Petty & Jamie Freed).

(source: Reuters)