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Vale Indonesia records lower production, higher revenue in Q3
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A haul truck passes workers at a Sulawesi site operated by nickel miner PT Vale Indonesia in this undated file photo. (KONTAN/Cheppy A Muchlis)
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ublicly listed nickel miner PT Vale Indonesia (INCO) on Wednesday announced its unaudited third-quarter performance, which recorded nickel matte production of 18,193 metric tons (MT) and sales of US$205 million
INCO, the local subsidiary of Brazilian mining giant Vale SA, also stated in the press release received on Thursday that compared to the second quarter, nickel matte production and delivery nickel matte had respectively declined 4 percent and 1 percent.
It attributed the declines to unplanned maintenance to resolve identified operational problems and to ensure safe operations.
However, the company generated third-quarter revenue of $205 million, slightly higher than $204.2 the previous quarter due to a higher nickel price.
In September, the firm booked revenue of $579.6 million, a 29.1 percent year-on-year increase from $448.7 million.
“I am pleased to report a profitable third quarter in 2018, as we benefited from a higher sales price. We remain focused on optimizing our production capacity, improving efficiency and reducing costs,” the press release quoted INCO CEO and president director Nico Kanter.
The company’s third-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) was $69.5 million, 5.1 percent higher than the second-quarter EBITDA of $66.1 million, which it also attributed to a higher nickel price. (bbn)
