Hi All,This should bode well for the sealing of the Inco deal on...

Hi All,

This should bode well for the sealing of the Inco deal on Goro. They now have lots of money to spend on the EARS process. Hopefully some good news around the corner for patient shareholders!!


Wednesday, February 04, 2004

CANADIAN nickel giant Inco has reported a profit of US$74 million for the December quarter, completing a major turnaround from the $2 million loss the company recorded in the same period a year earlier.

The company's adjusted net earnings tipped US$118 million for the quarter compared to US$25 million in the same period of 2002 while sales rose from US$528 million a year ago to US$832 million.

Inco chief executive Scott Hand said the company ended 2003 on a strongly upbeat note with nickel prices hitting 14-year highs.

He said the company plans this year to produce up to 231,000t of nickel at forecasted cash costs of about US$2.35 per pound.

"We intend to make the most of the strong nickel market with plans to produce every pound of nickel we can," he said.

"Longer term, we expect our leading nickel development projects at Voisey's Bay and Goro will position us to benefit from future growth in nickel demand."

Hand said the company's current outlook is that nickel will remain strong in 2004 with continued robust demand from Asia and increased demand in traditional markets such as the United States and Europe.

"About 66% of our 2003 sales were in Asia as opposed to approximately 40% 10 years ago," he said.

"The boom in the Asian market validates Inco's strategy over many years of building a strong presence on the ground across Asia."



Cheers aid