Increased output, higher price boost Inco's earnings<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
Nickel mining company PT International Nickel Indonesia's (PT
\nInco Indonesia) net earnings almost tripled in the first half of
\nthis year, thanks to increased output and the higher price of
\nnickel.<\/p>\n
At its extraordinary general meeting of shareholders on
\nThursday, PT Inco reported a net earning of US$36.8 million in
\nthe first six months of this year, compared to $12 million in the
\nsame period last year.<\/p>\n
The earning was boosted by a 6-percent increase -- or 73.6
\nmillion pounds -- in output in the first half, from 69.3 million
\npounds in first six months in 2002.<\/p>\n
The rise in average nickel price from $2.20 per pound to $2.86
\nper pound further boosted the company's earning.<\/p>\n
PT Inco Indonesia, one of the world's largest nickel producers
\nand one of the first foreign companies to invest in the country's
\nmining sector, is a subsidiary of Canadian nickel giant Inco
\nLimited. The company operates nickel mines in Soroako, Luwu
\nregency, South Sulawesi.<\/p>\n
Also during the general shareholders meeting, Inco appointed
\nBing R. Tobing as its new President Director, replacing Edward W.
\nHodkin.<\/p>\n
Hodkin, who served PT Inco Indonesia for more than 12 years
\nand was appointed president director, president and chief
\nexecutive officer in 2002, plans to return to Canada.<\/p>\n
Bing said he would continue the programs conducted by the
\nprevious board of directors by focusing on financial performance.<\/p>\n
He said the board would settle the company's loans to
\nestablish a healthy cash flow.<\/p>\n
Bing is optimistic that the company can surpass its 140-
\nmillion-pound production target for this year, particularly given
\nthe completion of its new power facilities.<\/p>\n
\"Moreover, we won't have any trouble with water supplies for
\nour hydropower (plant). Hopefully, we can produce more than our
\ntarget,\" he said.<\/p>\n
In addition to Bing, the shareholders also appointed James K.
\nGowans as PT Inco Indonesia's new Vice President, and Eddie A.
\nArsyad as a director to replace Andre C. Daenuwy, who will
\nretire.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/increased-output-higher-price-boost-incos-earnings-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}