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Jakarta Post

Nickel miners continue free fall

  • Raras Cahyafitri

    The Jakarta Post

Jakarta   /   Sat, November 3 2012   /  07:36 am

Lower commodity selling price has affected the financial performance of two publicly-listed nickel producers in the first nine months of the year, a trend that will likely continue as price rebound will be too late to offset the loss.

PT Vale Indonesia, which is 58.73 percent owned by Vale Canada Limited, reported US$28.9 million in net profits in the first nine months of the year, a massive 90 percent drop compared to $319.9 million in the same period last year.

State-owned PT Aneka Tambang (Antam) booked Rp 627.78 billion ($65 million) in net profits up to the third quarter of the year, falling 59 percent compared to Rp 1.56 trillion in the same period last year.

Both suffered from lower revenue due to weakening nickel selling price.

Vale and Antam’s revenue stood at $693.68 million and Rp 7.13 trillion, respectively, from January to September, which were...