According to Merdeka Battery Materials' fourth-quarter report, the company's nickel production reached 31,481 tonnes in Q4 2025, representing a quarter-on-quarter increase of 58.84% and a year-on-year growth of 2.49%. This production consisted of 21,008 tonnes of nickel pig iron (NPI), up 6.00% quarter-on-quarter and 11.61% year-on-year, and 10,473 tonnes of nickel matte produced following the resumption of operations at the HNMI project after October 2025.
For fiscal year 2025, NPI production decreased by 10% year-on-year to 73,871 tonnes, primarily due to planned maintenance at two of its three RKEF production lines. Nevertheless, the production remained within the annual production guidance range of 70,000-80,000 tonnes.
Nickel matte production resumed in October 2025 after securing economically favorable contract terms. The cumulative production for FY2025 reached 19,998 tonnes, slightly below the annual guidance range of 20,000-25,000 tonnes. Despite the lower production, the nickel matte business optimized its cash cost to US $13,157/tonne in FY2025 (compared to US $13,547 per tonne in FY2024), outperforming the annual cost target of US $13,500/tonne.
Regarding production guidance for 2026, MBMA expects NPI production to range between 70,000 and 80,000 tonnes, which accounts for planned maintenance schedules. The nickel matte production target is set at 44,000-48,000 tonnes, with the company continuing to capitalize on the current high-profitability window for nickel matte. Additionally, the company aims to achieve 27,000-30,000 tonnes of MHP production from its PT ESG operations.
Written by Cora Ji, jiruyan@mysteel.com
