Tuesday, January 10, 2006

Inco temporarily suspend groundwork of a dam project

PT International Nickel Indonesia Tbk (Inco) announced late last week that it will temporarily suspend the groundwork at the site of its planned new dam at Karebbe on the Larona River, Sulawesi Island, pending the receipt of certain forestry related approvals amending the existing permit issued by the ministry of forestry.
This dam project is part of Inco's long term plan to increase its annual production capacity to 200 million pounds of nickel in matte by 2009. Last year, the company was targeting total output of 165 million pounds of nickel in matte.
The dam is expected to raise Inco's hydroelectric generating capacity by 33% annually, or 90 Megawatts, while reducing energy supply in years of low rainfall. Currently PT Inco's energy source is a combination of hydropower and fossil fuel power generators. It operates two dams, the Larona and Balambano. Larona has three generators at 67 MW each, while the Balambano has two generators at 68.5 MW each. The fossil fuel power generators only have combined capacity of 48 MW.
Inco reported in October the unaudited sales of US$219.4 million in the third quarter 2005, a 5.8% from US$232.8 million in the same quarter 2004. Net earnings in the quarter ended September 30, 2005 were US$73.2 million, down 16.8% from US$87.9 million in the same quarter 2004. Inco Limited, Canada, owned 60% shares of PT Inco with processing units in Soroako, Sulawesi Island.




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