Nickel Industries posts Q1 earnings boost
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The news: Nickel Industries reported its strongest quarter in 2024 during the three months to 30 September, driven by strong performance from its Hengjaya mine in Indonesia.
The numbers: Production from the company's 80% owned Indonesian RKEF operations reached 30,663 tonnes, down 4.1% quarter over quarter. Quarterly RKEF EBITDA grew 43.5% to USD60 million ($91.5 million).
The miner said the improved earnings result was due to a USD24.2 million foreign exchange gain resulting from the Indonesian rupiah's appreciation against the US dollar throughout the quarter, equating to a USD775-per-tonne boost to reported margins.
Ore production from its mining operations totalled 5.75 million wet metric tonnes (wmt), up 93.6% quarter on quarter after a rain-hit June quarter. Ore EBITDA rose 51.6% to USD37.3 million during the quarter.
The context: The Sydney-based mining business noted that the period was its strongest quarter in 2024, with performance from its 80% owned Hengjaya mine delivering record ore production and sales.
Nickel Industries also said it is targeting first ore from its conditionally acquired Sampala project at the end of 2025, which will make its RKEF operations self-sufficient.
The source: ASX announcement
