Inco's interim dividend

JAKARTA (JP): Publicly listed nickel miner PT International Nickel Indonesia (Inco) announced here yesterday its board of commissioners has approved an interim dividend in respect of 1997 of 5 U.S. cents per share.

The company said dividends would be payable on Dec. 18 to shareholders of record as of Nov. 19.

Indonesian shareholders will be paid in rupiah equivalent of the U.S. dollar based on Bank Indonesia's middle rate on Nov. 10, and foreign shareholders will be paid in U.S. dollars.

Inco reported in August first half earnings of $17 million (7 cents per share) against $39.5 million (16 cents per share) in the same period of 1996.

Commissioners took into account the substantial continuing capital spending being undertaken by Inco on its expansion project in Soroako, South Sulawesi.

The project is to increase its annual production capacity 50 percent to 150 million pounds of nickel in matte, the company said. (icn)