Inco in the black

Inco Ltd. scratched back into the black during the second quarter ended June 30. For the period, the giant nickel producer earned $13.8 million or 11 cents per share compared to a loss of $5 million realized in the first quarter of this year. Although nickel prices began to improve during the second quarter, earnings were also bolstered by additional cost reductions, increased nickel sales and higher precious metal prices for both platinum and gold. Inco produces gold and platinum as a byproduct from base metal mining operations.

First half sales of primary metals increased by 11.6% to $592 million from $530 million in the corresponding period last year. Adding sales from alloyed products and other businesses total first-half sales were $803 million.