Collaborating with an experienced world-class mining company of reputable integrity – Vale Canada Limited, supported by a reliable partner from Japan, PT Inco come into existence as a subsidiary company under Contract of work.

Contract of Work is an international agreement abiding the related parties, i.e. the Government of the Republic of Indonesia and PT Inco. To manage the nickel mining in the Contract of Work area.

On November 3, 2010, PTI announced that Indonesia's Minister of Energy and Mineral Resources issued decree No. 483.K/30/DJB/2010 dated October 25, 2010 confirming the relinquishment of certain blocks of our Contract of Work (CoW) area in South East Sulawesi. The decree was effective as of December 10, 2009. The relinquished blocks consist of Malupulu, Torobulu, Lasolo and Paopao, representing a total area of approximately 28,000 hectares or 12.8% of the total current CoW area. The relinquishment was proposed by PTI after considering its long-term mining plan prepared under the new Indonesian mining law. The relinquishment will not impact PTI's mining plan or our reserves and will permit the Government to consider alternative development for the areas in accordance with its planning priorities. PTI does not plan any further relinquishments since we have concrete plans to grow and to develop the remaining CoW areas.

To ensure a stable business environment far into a forthcoming century, the existing Contract of Work has been extended up to 2025

• July 25 1968: PT Inco was incorporated under the Indonesian Law on Foreign Capital Investment no. 1, 1967.


• July 27 1969: Contract of Work (CoW) signed for 30 years since commercial production on April 1, 1978 to March 31, 2008.


• January 15 1996: Modification and Extension of COW signed for another 30 years through 2025.