Inco?s reclamation fund rises to $306 million
Monday, June 23 2003 - 04:20 AM WIB
Nickel producer PT International Nickel Indonesia (Inco) currently has between US$238 million and $306 million to be used for reclamation projects in its mining locations, Bisnis Indonesia reported Monday.
Inco vice president director Bing R. Tobing was quoted as saying that since 1986 the company had deposited between $14 million and $18 million per year for the reclamation projects, in accordance with government regulations. It was $17.8 million in 2002. Inco would continue to increase the amount of the reclamation fund. It will be used after the firm shutdown its mines in Central Sulawesi.
The company produces 131 million pounds of nickel mate last year.
Inco is 58.73 percent owned by Canada?s Inco Limited, 20.69 percent by Japan?s Sumitomo Metal Mining, and 19.96 percent by public shareholders. (*)