On April 29, 2026, Nickel Industries (ASX: NIC) announced that the Excelsior Nickel Cobalt Project (ENC) in Indonesia, in which it holds a 46% stake, has completed pre-commissioning of the processing plant and key infrastructure. The company plans to start integrated commissioning of the slurry pipeline, feed preparation, leaching, and tailings treatment systems in May 2026, with full capacity (72,000 tonnes of nickel equivalent per year) expected by October 2026.
The project has built up a sulfur inventory to cover commissioning through September, with an average purchase price of $450/tonne.
Nickel Industries increased its stake in ENC by 2% to 46% in the first quarter, becoming the largest shareholder. Earlier, South Korea's Sphere Corp completed the acquisition of a 10% stake in ENC at a valuation of $2.4 billion, providing strong endorsement for the project.
At full capacity, the company plans to have ENC's electrowon nickel registered on the LME and SHFE to enhance product liquidity.
According to Mysteel, the project is expected to produce less than 10,000 tonnes of nickel in MHP during the six-month commissioning and ramp-up period, with overall MHP supply remaining tight.
Written by Cora Ji, jiruyan@mysteel.com
