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PT International Nickel Indonesia Tbk more than triples earnings to $30.3 million (U.S.) in 2002.

Publication: PR Newswire
Publication Date: 06-FEB-03 		Format: Online - approximately 1414 words
Delivery: Immediate Online Access

Article Excerpt
JAKARTA, Indonesia -- JAKARTA, Indonesia, Feb. 6 /PRNewswire/ -- PT International Nickel Indonesia Tbk (PT Inco) today announced its audited results for 2002. Net earnings more than tripled to $30.3 million ($0.12 per share) from $9.3 million ($0.04 per share) in 2001. Net earnings in the fourth quarter of 2002 were $5.7 million ($0.02 per share) compared with a loss of $8.0 million ($0.03 per share) in the corresponding period of 2001.

"We are pleased with our financial results and with the fact that we exceeded our 2002 production target of 130 million pounds of nickel in matte," said Edward W. Hodkin, President and Chief Executive Officer. "Our ore drilling and blending programs have put us back on track in supplying better nickel grades from the mine to our processing plant. We continue to work hard to reduce costs that are within our control. The outstanding balance on our long-term debt is now $269 million - about half the amount due when we began our repayment program in 2000. This debt will be fully repaid in March 2006."

The Company's realized price for nickel in matte averaged $5,401 per tonne ($2.45...

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