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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: alan holman who wrote (27595)12/18/1997 2:09:00 PM
From: alan holman   of 28369
 
P.T. Inco Back in Production as Power Restored, El Nino Drought Ends

PR Newswire - December 18, 1997 12:04

N. %MNG V%PRN P%PRN

TORONTO, Dec. 18 /CNW-PRN/ - The Indonesian operation of Inco Limited is
returning to full production as hydroelectric power was restored today and the
worst drought in south Asia in half a century has eased with seasonal rains.
Inco President Scott Hand, who is also President and Commissioner of P.T.
International Nickel Indonesia, said today that because the Company undertook
an aggressive program to lessen the impact of the El Nino drought, P.T. Inco
is now on target to meet its expanded 1998 production of 100 million pounds of
nickel in matte - eight million more than originally planned for 1998.
Production for 1997 is expected to be about 70 million pounds.
He said P.T. Inco, 59 per cent owned by Inco Limited, will return to full
production early in January after two of its three electric furnaces were shut
down in mid-November as the result of El Nino drought which affected P.T.
Inco's ability to generate hydroelectric power. About 85 per cent of P.T.
Inco's power comes from its 165-megawatt hydroelectric generating facility.
Hydro power generation was restored today following increases in the lake
level and major channel deepening from Lake Towuti that will benefit P.T. Inco
later if water levels are low.
P.T. Inco is widely recognized as one of the low cost nickel producers in
the world. It has a number of competitive advantages for further growth,
including an excellent ore body and low cost power. With its current expansion
project and opportunities for further expansion, P.T. Inco is expected to
increase its position as a leading supplier to meet the rapidly growing demand
for nickel in the Asian market.
Hand said the drought hasn't slowed the U.S. $580 million expansion of the
P.T. Inco's facilities to increase annual production capacity by 50 per cent
to 150 million pounds of nickel in matte. It's on schedule and on budget.
A key milestone of the expansion project was completed on December 14 as
the Larona River was diverted to accommodate the construction of a new
hydroelectric dam. Initial production from the project is expected in late
1998 with gradual increases of production in 1999 and full production in 2000.
As a result of the expansion which includes the capacity to generate an
extra 93 megawatts of hydro power, P.T. Inco, now one of the world's lowest
cost nickel producers, will have even lower cash costs in 1999.
''With all the work done by our people and with the rains steadily
increasing, we're ending 1997 on an upbeat note and we're in great shape for
an excellent year at P.T. Inco in 1998,'' said Mr. Hand.
Photographs and video footage of the P.T. Inco expansion are available
from Inco Corporate Public Affairs at 416 361-7754.

SOURCE Inco Limited
/CONTACT: Toronto: David Allen (416) 361-7669; Jakarta: Andre Deanuwy,
62 21 524-9000/
(N.)
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