INTRODUCTION: The world's major tin producers and consumers have been meeting in Kuala Lumpur.
KUALA LUMPUR, MALAYSIA (VISNEWS - YOONG PIN LAM)
GV PAN DOWN Equatorial Hotel
SV INTERIOR PAN FROM Books TO delegates
CU INTERIOR PAN OVER Display board
GV INTERIOR Conference chairman Datuk P.S. Lai speaking (2 shots)
SV INTERIOR Malaysian Industry Minister Datuk Paul Leong speaking (4 shots)
SPEECH (TRANSCRIPT) DATUK P.S. LAI: (SEQ 4): "For a number of years now the statistics compiled by the International Tin Council have shown a very rough balance between production and consumption worldwide, but as our consumers will be quick to point out, this balance has been achieved at what to them appears to be a very high tin price with its concomitant incentive to substitution."
DATUK PAUL LEONG: (SEQ 5): "Another feature of tin is the fact that it occurs in fairly small quantities in the earth's crust. Among the metals that have been used by mankind for centuries, tin has the lowest crustal abundance after the precious metals, gold and silver. The features I have mentioned should render tin impractical as an industrial metal. On the contrary, tin is a very useful and essential metal, corrosion resistance, non-toxicity, ability to cling in very thin layers to other metals. Our aim is to ensure that tin, as an important natural resource, must be rationally explored, developed and exploited for the benefits of the people."
Background: INTRODUCTION: The world's major tin producers and consumers have been meeting in Kuala Lumpur. After three days of tough bargaining both sides agreed to a seven per cent rise in the price of tin on Saturday (17 October).
SYNOPSIS: The producers, Malaysia, Indonesia, Thailand, Bolivia, Zaire, Nigeria and Australia wanted a twelve and a half per cent rise. They said it was needed to cover soaring production costs. However, the twenty-two consumers led by the United States and the European Economic Community lobbied strongly for an increase less than four and a half per cent. The conference chairman, Datuk P.S. Lai had this to say to the delegates: The Malaysian Industry Minister Datuk Paul Leong also addressed delegates: InitialsBB Script is copyright Reuters Limited. All rights reserved