PT Inco 2003 net earnings hit $104.2M

Publicly listed mining company PT International Nickel Indonesia Tbk on Thursday announced net earnings more than tripled to US$104.2 million (US$0.42 per share) in 2003 from $30.3 million (US$0.12 per share) in 2002.

PT Inco said production of nickel in matte in 2003 increased by 18 percent to 70,200 tons from 59,500 tons in 2002.

The company also said it sold 70,500 tons of nickel in matte in 2003 or 13.8 percent higher compared to the previous year of 61,900 tons. It added that realized sales price for the product averaged US$7,117 per ton in 2003, up from US$5,114 per ton in 2002.

?We achieved this outstanding result by improving our mining and blending methods, increasing the power available to the furnaces and increasing operating times in our process plants and utilities through better maintenance practices and systems,? Bing R. Tobing, President and Chief Executive Officer commented in a statement.

PT Inco, which operates nickel mine in South Sulawesi, is owned by Inco Limited (58.73 percent), Sumitomo Metal Mining Co., Ltd. of Japan (20.09 percent) and the public (21.18 percent). (robert)