INCO – Targets 70.000 ton production with a USD9 bn expansion

INCO – Targets 70.000 ton production with a USD9 bn expansion Vale Indonesia (INCO), the nickel producer, is progressing well towards its 2023 production target of 70,000 tons, thanks to an 18% yoy increase in nickel production, amounting 51.644 ton in nickel matte during 9M23. Despite the impressive growth, INCO anticipates challenges in realizing net profits for 2Q23 due to declining nickel prices. The company credits this production boost to its maintenance and the successful return of furnace 4 to optimal performance. While INCO eyes future production levels of 90,000 tons, it hasn't set this as the target for 2023. INCO also allocated USD110 mn for capital expenditure in 2023 to maximize project completion in Pomalaa and Bahodopi. INCO has also earmarked an investment of approximately USD9 bn for 3 expansion projects related to the development of mining concession blocks in Sorowako, Bahodopi, and Pomalaa. (Source : Bisnis Indonesia)