PT Inco expands output capacity

PT Inco expands output capacity

JAKARTA (JP): PT International Nickel Indonesia (Inco) announced yesterday that it plans to expand its nickel matte production capacity by 50 percent to 150 million pounds per annum with an investment of US$500 million.

Inco's president, James Guiry, told the company's shareholders at their annual meeting that the expansion program will be completed in 1998.

Inco's nickel matte production last year increased to 99.9 million pounds (45,300 tons) from 75.7 million pounds in 1993.

Inco, which is 58.2 percent owned by Inco Ltd. of Canada, 20.1 percent by Sumitomo Metal Mining Co. Ltd. of Japan, 20 percent by the investing public and 1.7 percent by five other Japanese companies, also plans to increase its capital expenditures to $50 million this year from $12 million in 1994.

Inco sells most of its produce to Japan under long-term contracts.

The company said in a statement that its shareholders had approved the distribution of a final dividend of five U.S. cents per share on June 2.

The company distributed an interim dividend of five U.S. cents per share last December.

Inco's after-tax profit surged to $42 million or 17 U.S. cents per share last year, up from $10.9 million or four cents per share in 1993.

The shareholders also appointed Andre C. Daenuwy and B.L. Tobing as assistant vice presidents of the company, and Anthony E. Munday and Claudio Barsotti as commissioners. (32)