* Tin prices to peak in 2014, says Timah president
* Timah declines to give forecasts for 2011
* 1.2 trillion rupiah investment scheme for 2011 (Recasts, adds comments/more detail)
JAKARTA, Feb 7 (Reuters) - Indonesia's state-owned PT Timah , the world's largest integrated tin miner, said on Monday that refined tin production fell 10 percent last year, although profits more than doubled due to soaring global prices.
The miner's refined tin production in 2010 was 40,413 tonnes, down from 45,086 tonnes in 2009. It posted 802.4 billion rupiah ($89.2 million) in 2010 net profit, more than double its 313.8 billion rupiah ($34.9 million) the previous year.
"The higher net profit was due to higher tin prices," Timah President-Director Wachid Usman told reporters. The firm declined to give production forecasts for 2011.
Timah in December forecast 2010 production at 40,000 tonnes, down from an earlier projection of 45,000-50,000 tonnes after heavy rains hampered mining.
Its refined tin sales in 2010 fell 18 percent to 40,302 tonnes, down from sales of 49,240 tonnes of refined tin in 2009.
The miner also said it expects a 2011 net profit of around 1 trillion rupiah ($111.2 million).
Tin prices have tracked copper to fresh record highs this month, supported by supply shortages from top producer Indonesia
On Friday, benchmark tin on the London Metal Exchange closed up $655 at $31,200, off an earlier record peak of $31,300.
"The higher tin prices have enticed other miners to come out and start to mine more tin," said an analyst on Timah, who declined to be identified as his firm had not authorised him to speak to the media. "Secondly the weather last year has been playing havoc with the mining.
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