INCO – Sets aside USD585 mn for 2023 capex

Vale Indonesia (INCO) prepares USD585 mn or IDR8.59 tn for capital expenditure this year. This fund will be used to develop new mines in Pomalaa and building new smelter, Rotary Klin Electric Furnace (RKEF) in Bahodopi. The construction of RKEF in Bohodopi is included in one of Proyek Strategis Nasional (PSN). INCO has so far allocated USD58.2 mn for this construction, and later this year, the company projects that to spend another USD132.2 mn for the continuation of this project. For the first quarter of 2023, INCO has realized a production volume of 16,769 metric tonne of nickel. This figure grew 21% yoy and 4% qoq. INCO targets the nickel production in the year 2023 of 70K tonne. (Source : Kontan)