Nickel Industries flags temporary April production slowdown

The news: Nickel Industries has reported total underlying EBITDA of USD80 million ($113 million) across April and May, but flagged a temporary slowdown in April production.

The context: The nickel processing company said it achieved USD29 million in EBITDA for April, after operations were negatively impacted by eight days of downtime at the Hengjaya Mine following a fatal accident alongside a planed maintenance of its rotary kiln electric furnace (RKEF) operations.

However the company’s operations saw a sharp rebound in May, with EBITDA climbing to USD51 million.

The RKEF operations have amassed a substantial amount of working capital, resulting in Nickel Industries expecting to receive approximately USD70 million in distributions by early July.