Inco to spend $25 million to develop Petea nickel mine
Monday, August 23 2004 - 03:12 AM WIB
PT International Nickel Indonesia Tbk (Inco) will allocate at least US$25 million in cash to develop new nickel mine in Petea district, Sorowako, Southeast Sulawesi, Investor Daily reported on Monday.
Inco's spokesman Rajeshanagara Sutedja said in Jakarta last week that the funds to be used to develop the Petea mine would be part of the US$155 million allocated for the company's total capital expenditures for 2004.
According to him, exploration activities have been conducted in the new nickel mine which is expected to start production beginning 2005. The new mine which is located near the Matano lake in the eastern part of the company's Sorowako concession area is believed to contain nickel deposits of at least 5 million tons.
He said that the company spent at least US$11.8 million to finance exploration activities in the Petea nickel mine last year. (*)