Jakarta, Oct. 6 -- Indonesian President Prabowo Subianto has revealed that illegal mining activities by six companies in Bangka Belitung Province have inflicted an estimated Rp300 trillion (approximately US$18 billion) in losses on the state.

"We estimate the losses from just these six companies at Rp300 trillion," Prabowo told reporters on Monday in Pangkal Pinang, during the official handover of confiscated assets from illegal mining cases to state-owned miner PT Timah Tbk.

Authorities have seized six unauthorized tin smelters operating within PT Timah's concession area.

Among the confiscated assets were large quantities of tin and rare earth elements, particularly monazite-a mineral with high strategic and economic value.

"The comb...