PT Vale Indonesia Tbk (IDX: INCO) will distributes a cash dividend of US$33.1 million or equivalent to $0.00333 a share in this year - Photo by the Company

JAKARTA (TheInsiderStories) – Nickel producer, PT Vale Indonesia Tbk (IDX: INCO) will distributes a cash dividend of US$33.1 million or equivalent to $0.00333 a share in this year, the management announced on Thursday (04/29). The dividend was taken from last year’ net profit worth of $82.81 million.

The CFO, Bernardus Irmanto, said Vale will pay dividends on May 28. At the meeting, the shareholders also appointed Febriany Eddy as the new president director of the miner to replace Nicolas Kanter and reappointment of a number of directors, namely Bernardus Irmanto, Dani Widjaja, Agus Superiadi, and Vinicius Mendes Ferreira.

She becomes the first female CEO in this mining issuer. The bachelor from the University of Indonesia and holder an MBA title from UCLA Anderson School of Management and the National University of Singapore has worked at Vale for nearly 14 years. She has served as project financing supervision and financial evaluation manager for three years.

Mrs. Eddy also served in the Vale Base Metals Asia Pacific and Africa regional office based in Brisbane, Australia, for 2.5 years. There, her responsible for the operations of Vale Base Metals in Indonesia, Japan, China, Taiwan and Africa. Upon her return to Indonesia, she served as CFO of the company in 2018 – 2019, and served as deputy CEO for two years, before finally being appointed as the new leader of the mining firm.

Until the first quarter (1Q) of 2021, the net profit of Vale increase of 16.37 percent to $33.69 million, compared to the same period last year of $28.95 million. This growth was supported by an increase in nickel selling price which was able to offset the decline in sales.

The company’ revenues also rose 18.2 percent to $206.5 million from a year ago of $174.65 million. Then, cash and cash equivalents amounted to $386.2 million, slightly dropped from end of 2020 of $388.7 million. In 1Q, the unit of Brazil’ Vale SA and PT Indonesia Asahan Aluminium (MIND ID) has spent around $38.5 million.

Total production recorded 15,198 metric tons (MT) of nickel in matte, down 14 percent from 1Q of 2020, triggered by a decrease in maintenance activities. This year, Vale targeting to produces up to 64,000 MT of nickel in matte. The company also intends to rebuild one of the electric furnaces.

This year, the company has allocated a capital expenditure of $130 million. The budget will be used for the reconstruction of furnace 4 and renovation of heavy mining equipment as well as mine development.

Written by Editorial Staff, Email: theinsiderstories@gmail.com