Inco to pay dividends

JAKARTA (JP): PT International Nickel Indonesia (Inco) reported yesterday that its board of commissioners has approved the company's proposal to pay interim dividends of five U.S. cents per share.

The dividends, which will be payable on Dec. 7, will be eligible for shareholders listed in the company as of Nov. 7, the company's spokesman Martin H. Robinson said in a statement yesterday.

"Indonesian shareholders will be paid in the rupiah equivalent of the U.S. dollar amount based on Bank Indonesia's middle rate quoted on Nov. 7, while foreign shareholders will be paid in U.S. dollars," he said.

He said Inco's net earnings for the first half of this year reached US$16.1 million, as compared to $8.9 million for the same period of last year.

The company, which is owned by Inco Ltd., Sumitomo Metal Mining Co. Ltd. of Japan, individuals and the investing public, deals with nickel mining at Soroako in Sulawesi for producing nickel matte. (fhp)