TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Inco needs more time to review $1.8b project
JAKARTA: The country's biggest nickel producer, publicly listed PT International Nickel Indonesia (Inco), has asked the government for another two years to review once more the feasibility of a US$1
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
JAKARTA: The country's biggest nickel producer, publicly listed PT International Nickel Indonesia (Inco), has asked the government for another two years to review once more the feasibility of a US$1.8 billion nickel smelter project in Pomalaa, Southeast Sulawesi.
The request was made after the company submitted to the government the first feasibility study that concluded the smelter project was not commercially feasible during the current slump in nickel prices, president director Arif Siregar said Friday.
The government has set a deadline of April 30 this year for the company to submit the feasibility report of the project to prove it is commercially and technically feasible.
However, the major slump in nickel prices and falling demand for the metal due to the global economic crisis have made the project not economically viable.
"Therefore, we ask for another two years to come up with a more comprehensive report about the project and we hope by that time, the global nickel market will have recovered," Arif said. - JP
