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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (9352)	11/1/2007 10:10:33 AM
From: LoneClone	Read Replies (1) \| Respond to of 192500

UPDATE 1-Inco says to boost 2008 nickel output by 11.5 pct Thu Nov 1, 2007 7:25am EDT reuters.com (Adds quotes, details) JAKARTA, Nov 1 (Reuters) - Nickel producer Inco, owned by Brazil's Campanhia Vale do Rio Doce (VALE5.SA: Quote, Profile, Research)(RIO.N: Quote, Profile, Research), expects to lift nickel output by 11.5 percent to 290,000 tonnes next year, a CVRD director said on Thursday. Roberto Castello Branco, CVRD's investor relations director, told reporters the firm was increasing capacity globally, which should lift nickel output from 260,000 tonnes this year. "We expect it'll contribute an increase in revenue," he said on the sidelines of a mining conference in the Indonesian capital, without elaborating. CVRD's overall capital spending budget for 2007 is $7.4 billion, about $5.4 billion of which is to be spent on projects and research and development. The Indonesian unit of Inco (INCO.JK: Quote, Profile, Research) is also in the process of expanding its nickel production by building a hydroelectric power plant in Indonesia's Sulawesi island. The plant is expected to be completed by 2010 and will allow the Indonesian's unit to boost production of nickel in matte to 200 million pounds per year. The firm aims to produce between 160-165 million pounds of nickel in matte this year. Aside from Indonesia, the company is also working on its Goro nickel project in New Caledonia with estimated spending at $3.2 billion, $1.4 billion of which was spent between 2001 and 2006. $938 million is allocated this year. Nickel (MNI3: Quote, Profile, Research) trading on the London Metal Exchange was flat on Thursday at $32,000/32,500.