Here is the Progress Update on the Smelter Project Owned by Vale Indonesia (INCO)

CORPORATE ACTION – JAKARTA. PT Vale Indonesia Tbk (INCO)  has reported progress on several of its projects that will support future performance growth.

For the Morowali project, INCO has recently obtained a new environmental impact analysis (AMDAL) for the mining area in Bahodopi and the Sambalagi industrial area.

The rate of land release for the mining area has increased rapidly, allowing INCO to make significant progress in mining development. "And INCO is now continuing the construction of the port for ore transportation," explained Bernardus Irmanto, Chief Financial Officer of Vale Indonesia, on Monday (12/2).

Meanwhile, the initial construction work at the Sambalagi plant has been going well. INCO is continuing the contract process for engineering-procurement-construction (EPC) for the construction of the plant and its supporting infrastructure.

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For the Pomalaa project, INCO continues to make progress on the initial construction work of the mine, while completing the EPC tender process for the construction of the mine in Pomalaa. Following the signing of a tripartite agreement between PT Vale, Huayou, and Ford early last year, Ford has officially joined as a shareholder of PT Kolaka Nickel Indonesia.

This is a joint venture company established to build and operate a  High Pressure Acid Leaching (HPAL) plant in Pomalaa.

 

Meanwhile, for the Sorowako Project, INCO has signed a definitive cooperation agreement with Huayou for the construction of HPAL in East Luwu. Currently, Huayou is completing all the necessary permits.

"We will focus on completing our growth projects on schedule, within budget, and in line with the agreed scope," said Irmanto.