Inco sees lower output this year

Inco sees lower output this year

JAKARTA: Publicly listed nickel mining company PT International Nickel Indonesia (Inco) said Wednesday that production this year would be lower at 130 million pounds of nickel in matte compared to 138 million pounds last year.

Inco newly installed president Edward W. Hodkin said that the company plans to repair some of its production facilities starting in the last quarter of the year.

"The repair is moved forward from 2003 in response to current market condition. This project should be completed in the second quarter of 2003," he said.

He also expected nickel prices to improve this year amid hopes of the world economic recovery.

The company booked a net profit of US$9.3 million last year, down from $80.5 million in 2000. --JP