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Today's Headlines INCO
The government of Indonesia is preparing tenders for five mining areas. These mining areas were previously operated by listed miners Vale Indonesia and Timah under coal mining licenses (in Indonesian: Perjanjian Karya Pengusahaan Pertambangan Batubara, or PKP2B) and contracts of work (in Indonesian: Kontrak Karya, or KK).
Although Indonesian nickel miner Vale Indonesia saw its sales rise by 32.4 percent year-on-year (y/y) to USD $143.95 million in the first quarter of 2017 supported by the 24.1 percent (y/y) growth in the (average) nickel matte price in Q1-2017, the company is pessimistic about the direction of the nickel price in the remainder of 2017 as inventory levels remain high on the London Metal Exchange and Shanghai Futures Exchange.
Vale Indonesia, Indonesia's largest nickel producer, posted an 80 percent decline in net income compared to 2011. Net income in 2012 totaled US $67.5, significantly down from US $333.8 in 2011. Main reasons for this poor performance were weakened metal and nickel markets due to global economic turmoil, which resulted in lower prices. Its average realized price per metric ton went down 26 percent, while operating costs increased 10 percent.
Latest Columns INCO
Vale Indonesia, Indonesia's largest nickel producer, is one of those mining companies that has been plagued by low commodity prices. Various securities companies have cut their recommendation for the purchase of Vale Indonesia's shares due to persistently low nickel prices. Net profit of Vale Indonesia is expected to decline by 50 percent (y/y) to USD $26 million in 2016 as the company's average nickel sales price is expected to fall 29.5 percent (y/y) to USD $6,848 per ton this year.
Shareholders of Vale Indonesia, Indonesia's largest nickel producer, approved the proposal to allocate USD $6.7 million to general reserve and to distribute final dividend of USD $0.00252 per share. The dividend - equivalent to USD $25 million in aggregate from Vale Indonesia's net profit - will be paid on 31 May 2013. Indonesian shareholders will be paid in Indonesian rupiah based on the Central Bank's mid rate on 17 May 2013. Non-Indonesian shareholders will be paid in US dollar.
The positive response of Asian stock markets towards manufacture data from Europe, and the rebound of American and European stocks turned the Indonesia Stock Exchange (IHSG) back into green territory. Positive market sentiments impacted - as usual - on commodity stocks, particularly mining stocks, and which thus gained the most: Vale Indonesia (INCO), Antam (ANTM), Timah (TINS), and Resource Alam Indonesia (KKGI) all increased significantly.
