Inco books $21.3m earnings

JAKARTA (JP): Nickel mining company PT International Nickel Indonesia (Inco) announced on Monday an audited net earnings of US$21.3 million for last year, compared with $6.2 million in 1998.

The company said in a statement its net earnings for the fourth quarter of 1999 were $17.8 million, as against a loss of $3.7 million in the corresponding period of 1998.

Company president and chief executive officer (CEO) Rumengan Musu attributed the increase in net earnings for 1999 and the fourth quarter of 1999 to the high price of nickel and lower production costs.

The company's realized price for nickel in matte averaged $5,826 per ton ($2.64 per pound) in the fourth quarter of the year while the realized price for 1999 averaged $4,588 per ton ($2.08 per pound).

Production of nickel in matte was 45,400 tons (100 million pounds) for 1999 and 14,200 tons (31.3 million pounds) for the fourth quarter of the year. (jsk)