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PT International Nickel Indonesia Tbk Reports Sharply Higher Earnings of $15.0 Million (U.S.) in 2003 First Quarter; (All dollar amounts are expressed in United States currency).

Publication: PR Newswire
Publication Date: 17-APR-03 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
JAKARTA -- JAKARTA, April 17 /PRNewswire/ -- PT International Nickel Indonesia Tbk (PT Inco) today announced unaudited net earnings of $15.0 million for the 2003 first quarter ($0.06 per share) compared with $1.6 million ($0.01 per share) in the same period last year.

"Our average realized price increased by 15 per cent over the fourth quarter of last year, which enhanced our earnings," said Edward W. Hodkin, President and Chief Executive Officer. "We improved mining and blending practices to raise ore grade to 1.92%, well above the 1.69% level of the 2002 first quarter. Although the high grades attained in the first quarter may not be sustainable with four furnaces on line, we remain confident that we will reach our target of 1.77% nickel ore grade through the balance of 2003," he noted.

Mr Hodkin also stated that, assuming rainfall is sufficient to enable the company to maintain its current level of hydroelectric power, the Company expects to achieve planned 2003 production of 140 million pounds of nickel in matte. He added that...

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