Vale on track to ramp up production
Friday, March 1 2013 - 03:02 AM WIB
IDX-listed PT Vale Indonesia Tbk said that the company was on track to reach its annual production target of 120,000 metric tons of nickel in matte in the next few years.
"The company is prepared to improve annual production in 2013 given the Electric Furnace 2 (EF 2) upgrade that was completed in 2012," the company said in its quarterly report.
It said that the company would also improve Vale?s capital discipline and cost competitiveness amid current nickel price volatility,.
"PT Vale expects to conclude the coal conversion for the dryers in 2013, which will bring significant cost savings to the Company," it said.
The company announced its unaudited results for the fourth quarter of 2012 with a 6% increase of production record of 21,306 metric tons of nickel in matte.
It said that the sales volume in 2012 also rose by 5% from 2011.
Editing by Adianto P. Simamora