Canada's Inco Mining released its first quarter results today, reporting adjusted net earnings of $238 million.

The company felt results compared favourably to the same period in the previous year, although pgm and nickel deliveries were lower. A total of 108,147 troy ounces of pgms were delivered in the three months ending March 31st.

Nevertheless, Inco did see production rise, up to 112,000 ounces of pgms in the first quarter on its February 2005 estimate of 100,000 to 105,00 ounces.

In response to this the firm has now increased its full year pgm production target to 380,000 to 390,000 ounces.

Chairman and CEO, Scott Hand, said: "Inco continued to deliver impressive results in the first quarter of 2005. We also continued to make good progress in advancing our growth projects.

"Our financial objectives continue to be to maintain and, where possible, enhance our balance sheet strength, investment grade credit rating, and ready access to capital markets. We are encouraged by what we accomplished in the first quarter."

Inco's current estimate for production for the second quarter predicts 120,00 to 125,000 ounces of pgm.