PT Inco?s 2009 nickel output, sales decrease

IDX-listed nickel miner PT International Nickel Indonesia Tbk (PT Inco) announced on Thursday that its unaudited 2009 nickel in matte production reached 67,329 metric tons, 7 percent lower compared to the same period of 2008.

?Our annual nickel in matte production in 2009 was 7 per cent below our 2008 production, as we relied mainly on hydro generating power in 2009 only operating the thermal generators for 15 weeks in 2009 compared to 43 weeks in 2008,? Vice-President Director Claudio Bastos said in statement.

Nickel in matte delivered in 2009 reached 67,782 metric tons, down from 74,000 tons in the previous year. Average realized price in 2009 was US$11,227 per metric ton, compared to $17,724 in the previous year.

He blamed the decline in the output and deliveries to the shutdown of one of its electrice furnaces for a three-week maintenance in the last quarter of last year.

Inco recorded net earnings of US$60.0 million in the fourth quarter of 2009, down from $75.9 million in the third quarter. For 2009 full year, the company obtained net earnings of $170.4 million, down significantly from $359.3 million in the previous year.(denny)