Indocopper pays dividends

Indocopper pays dividends

JAKARTA (JP): PT Indocopper Investama Corporation announced on
Thursday it would distribute a cash dividend of Rp 702.86 per
share for the 1999 financial year, a decrease from the Rp
2,146.16 dividend per share the previous financial year.

The decrease is attributable to the weakening price of gold
and copper on the world market, according to the company.

The company said its earnings were dependent on the world's
price of gold and copper because its main investment focus was on
firms in the mining sector.

Indocopper, an investment firm which has a 9.36 percent stake
in gold mining giant PT Freeport Indonesia, posted a net profit
of Rp 14.50 billion in 1999, compared to Rp 48.22 billion the
previous year.

Indocopper also has a 10 percent interest in PT Irja Eastern
Minerals and a 9 percent stake in PT Mineserve International,
both of which have so far failed to contribute to the company's
revenues.(udi)