PT.Inco?s earnings fall sharply on lower output, price
Thursday, May 7 2009 - 04:29 PM WIB
South Sulawesi nickel miner PT.International Nickel Indonesia Tbk (PT.Inco) reported on Thursday its first quarter 2009 net earnings fell sharply by 88 percent to US$17.2 million from $139.6 million in the first quarter of 2008 due to falling production and price.
In the quarter, PT Inco relied solely on hydroelectric generating power for operations in Sorowako as the company shut down all thermal generators to maintain profitability. Nickel in-matte production fell to 16,200 tonnes in the first quarter of 2009 from 20,100 tonnes while price fell sharply to $8,309 per tonne from $21,188 per tonne.
?In the current market situation, our strategy is to continue to rely on hydroelectric power generation for our operations in Sorowako,? President Director Arif Siregar said.
PT.Inco is a unit of Brazil's Vale Inco Ltd (alex)