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Vale projects $120 million in 2020 capital expenditure

first_imgTop nickel matte producer PT Vale Indonesia expects to spend about US$120 million on capital this year, lower than initially expected, primarily because of a project delay.Vale had sought to spend less than $166.6 million this year on capital but further lowered its projection after delaying a plan to rebuild part of its Sorowako nickel smelter in Sulawesi, the country’s nickel mining heartland.The company moved the start of five-month project from the fourth quarter of this year to the second quarter of next year as a result of logistical delays during the pandemic. “This will, of course, affect our production next year,” said Vale chief financial officer Bernardus Irmanto at an online public meeting on Wednesday.Vale, which is traded on the Indonesian Stock Exchange (IDX) under the symbol INCO, disbursed $77.3 million from January to June.As a result of the delay, Vale expects to produce more nickel matte this year than initially expected. The new production target is 73,700 tons, up 4 percent from earlier this year, when the plan to rebuild the smelter was still on track.Vale saw its net profit rise to $53.12 million in the first half of the year, turning around a $26.17 million loss from the same period last year, the company’s financial report shows.Bernadus added that Vale was continuing talks with regulators, lenders and partners to begin developing multimillion dollar smelters in Pomalaa, Southeast Sulawesi, and in Bahadopi, Central Sulawesi. He expected Pomalaa’s Final Investment Decision (FID) by the first half of next year.“Their progress is more or less the same,” he said, noting that Bahadopi was “slightly behind Pomalaa in terms of permits”.Topics :last_img read more

Tiger Is Back!

first_imgI think most of us wrote Tiger Woods off when he bowed out of the PGA Tour early last year.  Another back surgery, another admission by Tiger of over-medication, and more back problems.  However, when this year rolled around, Tiger was playing competitive golf and appeared to be swinging his clubs freely again.  Two weeks ago he came within one birdie of forcing a playoff, and this past week made a Sunday run that brought back a lot of memories of the old Tiger.When the smoke had cleared, Rory McElroy won the tournament, but Tiger and his famous red shirt and black hat had the crowds roaring at each Birdie and hoping that when the final putt went in that Tiger would be standing all alone at the top.  It didn’t quite happen this time, but the signs are looking much better for one of those famous comebacks.  Maybe we will see one at the Masters!last_img read more

Bulldogs JV Football Team Wraps Up Season With Victory

first_imgThe JV Bulldogs beat Connersville 28-0.Josh Mobley started the scoring for Batesville with TD runs of 17 and 6 yards.  Evan Williamson then ran 1 yard for a TD right before halftime.  Trenton Kincaide scored the 2 point conversion to make it 20-0 at halftime.  The lone touchdown in the second half came on a 45-yard pass from Bryson Bonelli to Gabe Gunter.  Jacob Meer caught the 2 point conversion from Bonelli to finish the scoring. The offensive line led by Blake Hon, Quinn Steinkamp, Peyton Hornberger, Ryan Thayer, and Henry Dirkhising had an excellent game.Trent Roell had an interception and played an excellent all-around game on defense.  Nate Deputy, Williamson, Alex Siefert also played well for the defense while Kincaide had the tackle of the year.The Bulldogs finished their season with a 5-4 record.Courtesy of Bulldogs Coach Tony Gausman.last_img read more

Michael Bennett: ‘I used to hate the Patriots’

first_imgMichael Bennett is singing a different tune about the Patriots now that he will be playing with the team.The defensive end was traded Thursday to New England by the Eagles along with a 2020 seventh-round draft pick in return for a 2020 fifth-round pick, which has changed Bennett’s outlook on the team. NFL free agency rumors: Patriots re-sign ​Phillip Dorsett to 1-year deal “I used to hate the Patriots. I’d hate it because they’d win so much. I’d hate it because Tom Brady’s hair was long. I’d hate it that [coach Bill] Belichick would wear sweaters. But now that I’m here, I love you. I love Tom Brady’s hair,” Bennett said, via the team’s website.”I love being a Patriot because, obviously, it’s all about winning. I think everything about the organization is about team-first. It’s just about doing what you need to do to get to where we want to go as a group. I think I love that.” Related News Interestingly, Bennett’s brother, Martellus, won a Super Bowl with the Patriots in 2016.”He loved it, but the fact he loved it made me hate it,” Michael Bennett said of his brother. “I was the brother that was the Super Bowl champ. Then he took that from me. Now I need to take that back.”Martellus Bennett retired last offseason after the Patriots placed him on injured reserve during the 2017 season due to shoulder and hamstring injuries. Bennett, 33, spent last season with the Eagles. Before that, he played with the Buccaneers and Seahawks. While with the Seahawks, Bennett both won and lost Super Bowls against the Patriots.last_img read more