Thu, 06 Aug 2009
From: Reuters
SOROWAKO, Indonesia, Aug 6 (Reuters) - PT International Nickel Indonesia (INCO.JK) said its nickel mine on Indonesia's Sulawesi island was operating normally on Thursday despite road blocks by about 500 villagers protesting over job cuts.

Last month, Inco said it planned to cut 87 jobs, nearly 3 percent of its workforce, to reduce costs in response to the global financial crisis.

Tri Rachman Batara, Inco's spokesman in Sorowako, Sulawesi, told Reuters that the villagers had blocked a road between the employees' housing area and the mine itself, forcing some employees to abandon their cars on the road.

"The mining operation is running as usual. There is no disruption and the police are negotiating with the villagers," Batara said, adding that company has sent cars to pick up standed employees.

Inco has around 3,400 employees, most of whom work at its mining site in Sorowako, South Sulawesi. It said the job cuts, which will affect workers near retirement age and some foreigners, will not affect this year's production which is likely to be 20 percent lower than in 2008.

Inco announced in May that it has revised down its capital expenditure this year to $166.4 million, from $228.8 million initially planned in February, reflecting a slump in global demand. (Reporting by Yusuf Ahmad in Sorowako and Fitri Wulandari in Jakarta, editing by Sara Webb)



News Search/Filter
Transaction Rates
22 Aug 17
Buy
Sell
AUD1
10,984.60
10,189.52
BND1
10,169.77
9,431.38
BTC1
52,707,105
52,707,105
CAD1
11,021.03
10,221.34
CHF1
14,374.16
13,329.87
CNH1
2,076.44
1,926.27
DKK1
2,197.45
2,038.33
EUR1
16,345.45
15,162.96
GBP1
17,845.48
16,552.03
HKD1
1,768.68
1,640.81
JPY100
12,669.84
11,752.11
LAK1
1.67
1.55
NOK1
1,751.87
1,624.24
NZD1
10,137.72
9,402.55
PGK1
4,476.59
3,941.27
SEK1
1,713.75
1,589.37
SGD1
10,169.77
9,431.38
THB1
416.31
385.99
USD1
13,838.00
12,838.00
VND1
0.61
0.56
Taxation Exchange Rates
31 Aug 16 - 06 Sep 16
USD 1
13,232.00
AUD 1
10,043.30
CAD 1
10,213.70
DKK 1
1,999.40
HKD 1
1,706.22
MYR 1
3,283.28
NZD 1
9,623.63
NOK 1
1,605.23
GBP 1
17,433.70
SGD 1
9,757.68
SEK 1
1,569.45
CHF 1
13,631.10
JPY 100
13,101.00
MMK 1
11.01
INR 1
197.29
KWD 1
43,920.70
PKR 1
126.23
PHP 1
285.00
SAR 1
3,528.53
LKR 1
91.12
THB 1
382.08
BND 1
9,756.53
EUR 1
14,885.50
CNY 1
1,987.61

Okusi Associates: Indonesian Business & Management Services