Inco, the world's second largest producer of nickel, has unveiled its results for the second quarter or 2004.

As a by-product of its nickel operations, the firm produced 74,000 troy ounces of pgms, which is around 23 per cent ahead of forecasts given by the company in April.

Inco added that its full-year pgm production target remains at 400,000 troy ounces, with third quarter production estimated to reach 105,000 oz.

Chief executive Scott Hand stated: "The second quarter of 2004 represented another strong quarter for our business as we met or exceeded our expectations for production, unit costs and premiums."

In total, through all of its operations, Inco reported adjusted net earnings of $156 million, which equates to 82 cents per share.