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Jakarta Post

Nickel miner INCO sets aside $216 million for investment

  • Raras Cahyafitri

    The Jakarta Post

Jakarta   /   Wed, April 10 2013   /  12:44 pm

Nickel miner PT Vale Indonesia, whose shares are traded on the bourse under the code INCO, is planning to spend up to US$216 million to support its business this year.

“In 2013, we plan to invest approximately $216 million to sustain investment, growth and project development,” Vale president director Nicolaas “Nico” Kanter stated in the company’s 2012 annual report.

The allocation is higher than the company’s spending last year of $147.5 million in capital expenditure plus $38.7 million for research and development.

According to the annual report, part of the company’s development this year is the upgrade of its electric Furnace 1 to a capacity of 90 megawatts (MW) and the construction of a new furnace with 90 MW capacity to help the company boost its production in the future.

In 2013, Nico said that his company would try to achieve a 10 percent...