According to Nickel Industries, the total nickel metal production from its RKEF projects reached 30,264 tonnes in the first quarter of 2026, down 3.82% from the previous quarter. The company's asset portfolio includes an 80% interest in four RKEF projects: Hengjaya Nickel (HNI), Ranger Nickel (RNI), Angel Nickel (ANI), and Oracle Nickel (ONI). Nickel production from HNI, RNI, ANI and ONI stood at 4,089 tonnes, 4,168 tonnes, 10,560 tonnes and 11,447 tonnes, respectively.
Nickel pig iron (NPI) production reached 274,100 tonnes, up 2% from the fourth quarter of 2025, but due to lower nickel grades, the production was 30,300 tonnes in Ni. content, down 4% quarter-on-quarter.
Based on Nickel Industries' 10% equity interest, the Huayue Nickel Cobalt HPAL project (HNC) produced 21,500 tonnes of nickel in MHP and 2,370 tonnes of cobalt in the first quarter, exceeding its annual design capacity (60,000 tonnes of nickel) by 44%. The integrated operating cash cost rose 22% quarter-on-quarter, mainly due to higher sulfur and nickel ore costs. Affected by the Middle East conflict, sulfur prices in Indonesia rose from approximately $460/tonne in the fourth quarter to approximately $570/tonne in the first quarter of 2026.
Written by Cora Ji, jiruyan@mysteel.com
