Inco confirms sinking ship
Wednesday, January 10 2001 - 04:00 AM WIB
Canada's Inco Ltd., confirmed Tuesday that a vessel carrying some 2,200 tons of nickel in matte sank in high seas off the cost of Japan late Sunday.
The vessel, Whike Koowa, which was not owned or operated by Inco, was transporting nickel produced by subsidiary PT Inco in Soroako, South Sulawesi, Indonesia.
The company said in a statement that some 80 percent of the nickel was bound for Inco TNC Ltd. refining operation in Japan, and 20 percent destined for Sumitomo Metal Mining. Value of the nickel, which was insured, was estimated at approximately US$13 million. It is not immediately clear whether the lost nickel is recoverable.
Production at Inco TNC Ltd., which produces refined products for the stainless steel industry, was not expected to be affected immediately. The loss represents about 3.3 percent of PT Inco's annual production. (R. Amoros)