Inco confirms sinking of ship off Japan
Inco Ltd N
Shares issued 181,702,011 Jan 8 close $23.94
Tue 9 Jan 2001
Ms. Sandra Scott reports
Inco has confirmed that a vessel carrying 2,200 tonnes of nickel in matte
sank in high seas off the coast of Japan late Sunday.
The vessel, White Koowa, which was not owned or operated by Inco, was
transporting nickel produced at Soroako, Indonesia, by PT Inco, an Inco
subsidiary. Eighty per cent of the nickel was bound for Inco TNC Limited's
refining operation in Japan, and 20 per cent destined for Sumitomo Metal
Mining. Value of the nickel, which was insured, was estimated at
approximately $13-million (U.S.). It is not immediately clear whether the
lost nickel is recoverable.
Production at Inco TNC Limited, which produces refined products for the
stainless steel industry, was not expected to be effected immediately. The
loss represents about 3.3 per cent of PT Inco's annual production. |
