The Jakarta Post
Expecting to deal with another turbulent year, major nickel miner PT Vale Indonesia is seeking to push for cost-efficiency measures and increase its production target slightly this year.
The company, listed on the bourse as INCO, believes the business outlook for this year will remain challenging as nickel prices continue to be volatile, which it attributes mainly to the government’s restriction of ore exports and external economic conditions.
The price of fuel, including coal, a key component in Vale’s production, will also be unpredictable, adding to the pressure on its business throughout the year.
“Energy costs represented about 30 percent of our cash costs,” Vale finance director Febriany Eddy said after its annual general shareholders meeting on Wednesday.
Despite a 10 percent increase in average nickel prices in the past year, Vale posted a ne...