{
    "success": true,
    "data": {
        "id": 1376164,
        "msgid": "inco-cuts-output-but-not-growth-1447893297",
        "date": "1998-09-23 00:00:00",
        "title": "Inco cuts output but not growth",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Inco cuts output but not growth UJUNGPANDANG, South Sulawesi (JP): PT International Nickel Indonesia (Inco) has cut production of its nickel in matte by 30 percent to 70 million pounds (31.8 million kilograms) per annum due to the commodity's falling international price. Inco president Rumengan Musu said here on Tuesday that the international price of nickel had dropped from US$2.50 per pound a year ago to $1.85 per pound now. \"Production cuts have resulted in falling income.",
        "content": "<p>Inco cuts output but not growth<\/p>\n<p>UJUNGPANDANG, South Sulawesi (JP): PT International Nickel<br>\nIndonesia (Inco) has cut production of its nickel in matte by 30<br>\npercent to 70 million pounds (31.8 million kilograms) per annum<br>\ndue to the commodity&apos;s falling international price.<\/p>\n<p>Inco president Rumengan Musu said here on Tuesday that the<br>\ninternational price of nickel had dropped from US$2.50 per pound<br>\na year ago to $1.85 per pound now.<\/p>\n<p>&quot;Production cuts have resulted in falling income. However, we<br>\nstill managed to book profits, although not so big,&quot; Musu said.<\/p>\n<p>Inco booked unaudited earnings of $10.7 million for the first<br>\nhalf of 1998, compared to $17 million for the same period of last<br>\nyear.<\/p>\n<p>Inco recorded a net profit of US$24.3 million last year, from<br>\nthe sales of 67 million pounds of nickel out of the 71 million<br>\npounds it produced the whole year.<\/p>\n<p>The company has said that production was constrained by the<br>\navailability of electric power.<\/p>\n<p>Despite production cuts, Inco is still to go ahead with its<br>\n$580-million expansion program to increase its production<br>\ncapacity at its smelting facility in Soroako from the current 100<br>\nmillion pounds of nickel per annum to 150 million pounds.<\/p>\n<p>The project includes a 93 mega watt power plant to supply the<br>\nbadly needed electricity to the expanded nickel smelting<br>\nfacility.<\/p>\n<p>Musu said the expansion project was scheduled to be completed<br>\nby mid-1999. Technically, therefore, the company could push its<br>\nproduction to 150 million pounds per annum by 2000.<\/p>\n<p>&quot;This expansion here is a long-term project, and therefore, we<br>\nare continuing to build it despite the falling price of nickel on<br>\nthe international market,&quot; Musu said.<\/p>\n<p>Inco, founded by Indo Ltd of Canada and six Japanese firms in<br>\n1968, is listed on the Jakarta Stock Exchange. (37)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/inco-cuts-output-but-not-growth-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}