1968 - 1973

Exploration and feasibility studies

1973 - 1978

Constructions of the mining and plant facilities

1978 - 1986

Commercial production (financial loss of US$ 416 million)

1987 - 2000

Profitable company

1988 - 1991
Expansion from 80 million to 100 million pound/year. Go public 20%

1993 - 1995
Negotiation of modification and extention of COW

January 1996
Modification and extension of COW signed

1996 - 1999
Fourth Line Expansion project include Balambano 93 MW to increase to 150 million pound/year

Investment since 1968 to 2000 : US$ 2,2 billion

1901

Nickel is first discovered by a Dutchman named Kruyt during his study of the iron ores in the Verbeek mountains of Sulawesi .

1937

An INCO LIMITED geologist named Flat Elves is invited by a Dutch Exploration company to further study the Sulawesi nickel laterite deposits. He visits Sorowako.

1966

A fully comprehensive geological survey of the Sulawesi deposits is undertaken by the Government of Indonesia.

1967

The government invites companies from around the world to submit proposals to explore and develop Sulawesi mineral deposits.

INCO LIMITED sends a team of geologists to Sulawesi to gather data and to explain INCO capabilities.

1968

In January, INCO is selected from a short list of six companies to negotiate a Contract of Work.

July 25, Articles of Association are approved and registered, officially establishing a new company, PT Internasional Nickel Indonesia (PT INCO).

July 27, the Contract of Work is signed between the Government of Indonesia and PT INCO.

Full scale exploration begins immediately with the signing of the Contract of Work. PT INCO was originally granted an area of 6.6 million hectares, covering parts of three of the four provinces on the island of Sulawesi : South Sulawesi, Central Sulawesi and South East Sulawesi.

Test drilling in the Pomalaa area effectively begins the process of technology transfer as INCO LIMITED geologists started to teach their Indonesian counterparts how to systematically sample and evaluate the lateritic deposits.

1970

The first bulk sample, 50 tons, of Sulawesi ore is delivered to INCO canada's research faciltities in Port Colborne , Ontario . A new Reduction Smelting pilot plant demonstrates that the Sorowako material can be successfully processed.

1971

Sufficient exploration is done to indicate that laterite deposits near Sorowako are capable of supporting a major nickel plant.

1973

Construction of a single pyrometallurgical processing line begins at the Sorowako Site.

1974

In reaction to the first oil price shock a decision is made to move from thermal to hydroelectric power generation. The smelter is tripled in size to reduce unit costs and to match the hydroelectric plant.

1976

10,000 Indonesians and 1,000 expatriates are employed to build the nickel processing facility, and the power generating plant facility, along with roads, town sites, port facilities, airports and other infra structural requirements.

1977

March 31, President Soeharto travels to Sorowako and officially dedicates the nickel mining and processing facilities.

1978

April 1, PT INCO commences commercial production.

1988

INCO LIMITED sells 20 percent of its shares in PT INCO to Sumitomo Metal Mining Co.,Ltd., Japan.

1990

May 16, INCO LIMITED sells 20 percent of its shares in PT INCO to the public and they are listed on the Indonesian Stock Exchanges. INCO LIMITED continues to hold 58.19 percent of the PT INCO shares.

2000

PT INCO increased production 30 percent to 130.5 million pounds of nickel in matte, in line with the Company's plan to ramp up operations to reach its expanded capacity of 150 million pounds of nickel production per annum.

PT INCO completed surveyand engineering work on an electrostatic precipitator for No.2 Dryer, which is designed to reduce total plant stack dust emissions by more than 40 percent.

December 14, signing a two-year collective labor agreement for unionized employees in Sorowako.

2003-2004

In 2003, PT Inco developed a new mining area in Petea (east of Lake Matano, adjacent to PT Inco's East Block ore body)

• Petea has 5 million tons of proven mineral reserves grading 1.81% nickel and 24 million tons of mineral reserves grading 1.78% nickel
• It was a US$11.8 million investment

In February 2003, PT Inco signed an agreement with PT Aneka Tambang (Antam) to jointly develop PT Inco's contract area in Southeast Sulawesi. PT Inco is to mine saprolitic ore at the Pomalaa East deposit, while Antam will conduct the smelting process. PT Inco expect to commence delivery of ore from Pomalaa to Antam's smelter by mid-2005

In 2004, PT Inco started drilling activities at Bahodopi and Pomalaa, and began test mining the orebody at Petea

In 2004, PT Inco commenced the first stage of a major expansion plan expected to cost approximately $275-580 million with the building of a third dam at Karebbe on the Larona River to increase hydroelectric capacity from 275 megawatts to 365 megawatts

2005

Able to attach Bag House System Technology at Furnace #4. This technology could reduce furnace dust emision to the lowest

Planned that in 2008, all furnaces will be attached by this technology

2008

The Original CoW, which was entered into on July 27, 1968, expired on March 31, 2008. On January 15, 1996, PT Inco and the government of Indonesia signed the Extension Agreement, extending the Company’s CoW to 2025.

PT Inco management made an important decision in late September 2008 to put the 32 one-megawatt small-size diesel generators on standby and in late October 2008 to shut down all remaining thermal generators. This decision was made in an effort to maintain the Company’s profitability in light of the sharp decline in nickel prices and high energy costs.

PT Inco discontinued ore supply to PT Antam Tbk (“PT Antam”) as of July 18, 2008 following the expiration of the CRA. The Company recorded net receipts under this agreement of US$24.1 million in Other Income in 2008. With the discontinuation of ore supply to PT Antam and based on the letter received from the DEMR when we entered into CRA, the Company is required to deliver a report by April 2009 evaluating the economic and technical feasibility of the construction of a production facility in Pomalaa. The Company is continuing the outgoing study of the Pomalaa and Bahodopi areas, to be reviewed with the DEMR within the framework of the CoW.