PT Vale Indonesia Tbk (INCO) recorded sales throughout 2020 of US$764.7 million, down 2 percent from the previous year's US$782 million.

"This is due to the lower average realized price," said INCO CEO Niko Kanter in a press release, Friday (26/2).

The average realized price for matte nickel shipments in 2020 is US$10,498 per ton, down from the 2019 level of around US$10,855 per ton.

INCO recorded cost of revenue at US$640.4 million or 4 percent, down from US$664.3 million in the previous year. The leading cause of the decline in cost of revenue was lower fuel and coal prices.

The group's cash and cash equivalents as of December 31, 2020, amounted to US$388.7 million, an increase of US$139.6 million from the balance as of December 31, 2019. He emphasized that Vale will continue to exercise prudent control over expenditures to maintain cash availability.

In 2020, the company spent capital expenditures amounting to US$152.1 million or lower than that spent in the previous year of US$166.6 million.

"The company will remain focused on various productivity and cost-saving initiatives to maintain the company's competitiveness in the long term without compromising the main values, namely safety of life is the most important thing and preserving the earth," he explained.

By the end of 2020, Vale had produced 72,237 metric tons of nickel in matte or 2 percent higher than the previous year's production.

In that year, consumption of HSFO (high sulfur fuel oil) and diesel decreased by 8 percent and 12 percent, respectively, while coal consumption increased by 15 percent compared to 2019. The increase in coal consumption, however, was offset by a decrease in HSFO and diesel consumption. Prices of  HSFO, diesel, and coal fell by 36 percent, 31 percent, and 17 percent, respectively.