PT Inco?s Q3 operating earnings soars

Canadian nickel miner Inco Limited announced on Tuesday third quarter operating earnings of US$42 million for its Indonesian unit PT Inco Indonesia (PT Inco), more than double previous year?s corresponding period operating earnings of $20 million.

The company?s cumulative 9-month earnings also jumped more than twofold to $99 million, compared to $44million in the previous year.

The company said the dramatic earnings increase was due to higher production and higher price.

?PT Inco operations reached a new production record for the third quarter and are expected to reach full nameplate annual production capacity of 150 million pounds in 2003,?the company said in its quarterly report. The report, however, did not disclose third quarter production number. PT Inco?s second quarter nickel production was 41.g million pounds.

PT Inco operates nickel mines in Soroako, South Sulawesi. The company 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)