PT Inco?s Q1 operating earnings soar on strong nickel demand
Wednesday, April 16 2003 - 12:07 AM WIB
Canadian nickel miner Inco Limited Tuesday reported first quarter 2003 operating earnings of US$ 24 million for its Indonesian unit, PT International Nickel Indonesia Tbk (PT Inco), significantly higher than previous year?s corresponding quarter earnings of $5 million.Inco said the increase was due to strong world demand in stainless steel production, the largest end-use for nickel, combined with tight stainless steel scrap availability.
The company said first quarter nickel production from its Indonesian mine exceeded target due to mine productivity and ore grades improvement, but the company did not provide figures. Inco said it would continue increasing PT Inco's plant throughput to meet and eventually exceed its 150 million pound annual design production capacity.
PT Inco, which operates nickel mine in South Sulawesi, is owned by Inco Limited of Canada (58.73 percent), Sumitomo Metal Mining Co., Ltd. of Japan (20.09) and the public (20.0). (alex)