PT Inco?s shareholders approve dividend for 2002

Shareholders of nickel producer PT International Nickel Indonesia Tbk (PT Inco) Tuesday approved final dividend for 2002 of 1 US cent per share, payable on May 19, 2003, for shareholders of record as of May 2003.

Indonesian shareholders will be paid in rupiah equivalent to the US dollar amount based on Bank Indonesia (Central Bank) middle rate in May 2003. Foreign shareholders will be paid in US dollar.

PT Inco has not paid dividend since 1997.

The company said Tuesday that it was cautiously optimistic about its ability to pay dividend for 2003, and that uncertain circumstances related to fuel supply and weather could pose serious problem to its operation.

Also Tuesday, PT Inco?s shareholders reappointed Andre C. Daenuwy and Ciho D. Bangun directors to serve their term until 2005.

PT Inco is 58.73 percent owned by Canada?s Inco Limited, 20.09 percent by Japan?s Sumitomo Metal Mining, 19.96 percent by public shareholders.

It produced 131 million pounds of nickel mate in 2002, and sets 2003 production target at 140 million pounds.

The company operates a huge nickel mine in South Sulawesi, and supplies the commodity to Sumitomo and Inco Ltd. (robert)