PT.Inco?s Q2 operating earnings soar on production increase
Tuesday, July 22 2003 - 03:30 PM WIB
Canadian nickel giant Inco Limited announced on Tuesday that its Indonesian unit PT Inco Tbk booked operating earnings of US$ 33 million in the second quarter of 2003, or $57 million in the first half of the year. The figure was significantly higher than last year?s second quarter and first half earnings of $19 million and $24 million, respectively.
The company said the increase in earnings was mainly due to the increase in nickel matte production, derived from higher ore grade processed. Detail was not provided, but the company said PT. Inco was on track to produce in excess of 150 million pounds of nickel matte this year.
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). (alex)