PT Inco says no fundamental changes in business

In a bid to clarify a suspension made by the Jakarta Stock Exchange (JSX) on Wednesday, South Sulawesi-based nickel miner PT International Nickel Indonesia Tbk explained that there were no fundamental changes in its business.

In a meeting with the bourse, PT Inco said the company's current performance based on the first quarter results of 2004.

"We reiterate the statements made in our First Quarter 2004 Press Release,including the confirmation of our commitment to meet our production forecast of 160 million pounds of nickel in matte in 2004," PT Inco said in a press statement.

On Wednesday, JSX suspended Inco's shares from trading following consistent share price slide from Rp.42,100 (US$ = Rp.9,000) on April 1 to Rp22,550 on May 18.

JSX said the suspension is aimed at giving sufficient time to investors to carefully take into account all information available before making a decision to buy PT Inco shares.

JSX later lifted the suspension at the beginning of Wednesday's second session.

PT Inco operates nickel mines in Soroako, South Sulawesi. The company is owned by Canadian nickel miner Inco Limited (60.73 percent), Sumitomo Metal Mining Co., Ltd. of Japan (20.09 percent) and the public (19.18 percent).

PT Inco produced 154.8 million pounds of nickel in matte last year.(robert)