Full Report
Competitors describe PT Trimegah Bangun Persada Tbk's market in their own filings and calls. These verified passages and visual pages show where their strategies meet, using source documents preserved in Sources.
PT Merdeka Battery Materials Tbk (MBMA)
The closest structural analogue to Harita Nickel: the other IDX-listed integrated nickel group running a laterite mine (SCM), RKEF smelters and an HPAL-to-MHP build-out under the same Indonesian permitting regime, backed by domestic sponsors and run head-to-head against NCKL in local broker comparisons. Its annual report is also the only peer document that states a nickel-market view in the same regulatory vocabulary NCKL uses. Only the nickel chain is drawn on here; the AIM I pyrite/copper facility and the IKIP industrial estate are left out.
Two passages from the Nickel Industry Overview of MBMA's 2025 annual report (pp. 106-107). The characterisation is MBMA's; the demand figures are attributed to the International Nickel Study Group and the share figures carry no source. The part that matters for a Harita reader is that a direct competitor is publicly calling 2025 a significant surplus year driven by Indonesian and Chinese supply, with demand growth running behind supply growth - the price environment behind NCKL's realised FeNi and MHP prices in the same year. Treat the share claims as characterisation rather than measurement: page 107 carries both "more than one-third of the global nickel supply" and "around 50% of total global nickel output" within a few paragraphs of each other, and Eramet's country tables further down this tab put Indonesia at roughly 62% of ore production (INSG data) and 52% of finished primary nickel in 2024.
The combination of global economic slowdown, trade pressures, and oversupply caused the nickel industry to weaken, both in terms of prices and growth prospects. In 2025, the global nickel market was dominated by a surge in production, particularly from Indonesia and China, resulting in a significant surplus. Although demand for stainless steel and EV batteries continued to grow, the increase in demand was not proportional to the rise in supply, leading to downward pressure on nickel commodity prices throughout the year. In this regard, nickel continues to be regarded as a strategic metal for industrial and clean energy components, however, the market is facing structural challenges arising from oversupply and shifts in battery technology.
Based on projections from the International Nickel Study Group (INSG) meeting, global primary nickel demand grew by 4.8% in 2024 and is projected to increase further by 5.7% in 2025. Globally, China will continue to be the largest consumer of primary nickel, with its consumption expected to account for 63.5% of total global demand in 2025, followed by Indonesia, which is projected to contribute 12.2%. […] Approximately 42% of the world’s nickel reserves are located in Indonesia with its production accounts for around 50% of total global nickel output. The combination of abundant reserves and high production levels provides Indonesia with significant strategic leverage over the global supply chain, ranging from EV batteries to stainless steel.
p. 106 · Read in context →
MBMA's HPAL pipeline in its own words: PT ESG produced 25,994 tonnes of nickel in MHP in its first year of commercial sales, MNEM runs at 25,000 tpa of nickel in MHP, and a third plant, SLNC, is under construction at 90,000 tpa targeted for 2026. Set against NCKL's own 2025 disclosure of roughly 120,000 tonnes per year of installed HPAL nickel-cobalt capacity and 130,551 metal tonnes of MHP and nickel sulphate sold, MBMA is currently a fraction of Harita's MHP scale but has roughly 145,000 tpa of nameplate either running or in build - ESG at 30 ktpa NiEq and MNEM at 25 ktpa running, SLNC at 90 ktpa under construction (nameplates from p. 70). These are stated nameplate and production figures, not utilisation or cost, and SLNC's 2026 start is a target rather than a commissioned plant.
President Director's Report: In 2025, the MBMA Group reached a key milestone through PT ESG with the commencement of initial MHP sales after receiving its IUI in February 2025. During 2025, PT ESG produced 25,994 tons of nickel in MHP, while the FPP and slurry pipeline to IMIP had commenced operation in Q4 2025. This achievement reflects the operational readiness of the HPAL facility and strengthens MBMA Group’s position within the rapidly growing global battery materials supply chain.
The HPAL plant operated by MNEM, with an annual production capacity of 25,000 tons of nickel in MHP is currently operating and has transitioned to the new FPP at the SCM Mine site since Q4 2025. Meanwhile, the third HPAL facility, SLNC, with a planned capacity of 90,000 tons of nickel in MHP per year, was currently under construction and targeted to begin operations in 2026.
p. 45 · Read in context →
The competing RKEF cost line. MBMA reports 73,871 tonnes of nickel in NPI and LGNM for 2025 at a cash cost of US$9,406 per tonne of nickel, from three smelters with 19,000 / 19,000 / 50,000 tpa NiEq nameplate in which it holds 50.1%. NCKL's comparable disclosure for 2025 is roughly 240,000 tonnes per year of installed RKEF capacity and 188,581 tonnes of nickel contained in ferronickel sold. MBMA defines RKEF cash cost as direct cost per tonne of nickel produced including transport; NCKL does not publish a cash cost on that definition, so this is a benchmark for the level the basin operates at rather than a like-for-like margin comparison. Note also the product differs - MBMA sells NPI, NCKL sells higher-grade ferronickel.
The MBMA Group holds a 50.1% ownership in the RKEF Smelter located at IMIP. The RKEF Smelter facilities consist of several units such as CSID, BSID, and ZHN, which process saprolite nickel ore from the SCM Mine to produce NPI.
The CSID and BSID smelters commenced NPI production in 2019 and early 2020, respectively. Both smelters have a production capacity of 19,000 tpa NiEq and has consistently operated at utilization rates exceeding 100%, reflecting high operational efficiency and optimised production capacity. The third smelter, ZHN, began operations in 2023 with an installed capacity of 50,000 tpa NiEq.
Currently, the RKEF Smelter have undergone scheduled maintenance, and NPI production guidance has been revised to 70,000–80,000 tons. In 2025, the MBMA Group produced 73,871 tons of nickel in NPI and LGNM, comprising 72,106 tons of nickel in NPI and 1,765 tons of nickel in LGNM. This production was achieved at a cash cost of US$9,406/tNi.
p. 120 · Read in context →
Nickel Industries Limited (NIC)
ASX-listed but wholly Indonesia-operating, and running the same product straddle as Harita: RKEF nickel units plus a growing HPAL/MHP position, fed by its own laterite mine. It is by some distance the most disclosure-rich peer, publishing per-tonne cash costs, realised contract prices, ore price movements and RKAB quota outcomes - the level at which NCKL's economics can actually be benchmarked. Only the Indonesian nickel operations are used here; the group's financing, remuneration and ESG-award material is left out.
A competitor's operating economics for an Indonesian HPAL plant, at the level NCKL does not disclose. The Huayue plant, in which NIC holds 10%, produced 85,031 tonnes of nickel and 8,023 tonnes of cobalt in MHP - 42% above its 60,000 tpa nameplate on NIC's arithmetic - at cash costs of US$7,765/t Ni, up 9% on higher sulphur costs, against a realised MHP price of US$14,990/t Ni. Sulphur is the input NCKL's own management flags as the swing factor in HPAL cost, and the cobalt credit of about US$1,900/t Ni quantifies the by-product economics that both companies rely on. Cash costs here exclude by-product credits, and the figures are the plant's, reported through a 10% holder.
During the year, the Huayue Nickel Cobalt (HNC) Project produced 85,031 tonnes of nickel and 8,023 tonnes of cobalt in mixed hydroxide precipitate (MHP), outperforming nameplate capacity (60,000 tonnes of nickel per annum) by 42%. Combined operating cash costs increased by 9% year on year, primarily due to higher sulfur costs.
MHP contract prices increased by 8% to US$14,990/t Ni year on year supported by higher metal payability and stronger cobalt prices with the cobalt byproduct increasing to \~US$1,900/t Ni. Adjusted EBITDA for the year of US$6,677/t Ni was 12% higher than US$5,693/t in 2024.
p. 8 · Read in context →
The ore market NCKL sells into and buys from, described by a mine operator in it. Two things are visible: the price divergence - saprolite down 30% on a shrinking local premium while limonite rose 31% because Indonesian HPAL projects are bidding for feed - and the cost of the RKAB quota system, with US$21.3 million of standby charges because the 2025 quota extension did not arrive until 12 December. NCKL sold 30.59 million wmt of nickel ore in 2025 (12.09 saprolite, 18.50 limonite) against Hengjaya's 9.9 million wmt, and is exposed to the same annual quota cycle, though most of NCKL's ore moves to its own plants rather than to third parties. Prices are contract realisations at one mine, not a published index.
The Company’s Hengjaya Mine delivered another year of record production of 19.2 million wmt of nickel ore (15.1 million wmt of limonite and 4.1 million wmt of saprolite), and record sales of 9.9 million wmt under the existing Rencana Kerja dan Anggaran Biaya (RKAB) annual mining quota. The saprolite contract price is based on the Indonesian benchmark price plus a local premium. During the year, the saprolite contract price decreased 30%, driven by a reduction in the local premium. Despite the limonite nickel grade decreasing during the year, the limonite contract price increased 31% due to the increased demand for limonite ore from Indonesian HPAL projects. During the year, the Company experienced substantial downtime and $21.3 million in standby charges at the Hengjaya Mine as the RKAB extension was not granted until 12 December 2025 and consequently the Adjusted EBITDA decreased from $100.9m in 2024 to $91.6m in 2025. Subsequent to the end of the year the Company received an increase in its RKAB quota for 2026 to 14.3 million wmt.
p. 10 · Read in context →
Zhejiang Huayou Cobalt Co., Ltd. (603799)
The largest producer of Indonesian HPAL intermediate - the same product NCKL's HPL and ONC plants make - through the Huayue and Huafei plants at IMIP, with Pomalaa and Sorowako in construction alongside Vale Indonesia. It is also the refining and cathode-material buyer at the other end of the chain, so its disclosures show both how much MHP supply is arriving in the market and who ultimately consumes it. Only the nickel and Indonesia parts of the group are used here; the cobalt, lithium, copper and precursor/cathode businesses appear only where they set demand context.
How the largest Indonesian MHP producer sizes its own market: INSG-sourced global nickel supply of 3.81 million tonnes against demand of 3.6 million tonnes in 2025, a surplus of roughly 210,000 tonnes, with prices in the bottom of the range for most of the year. The competitively significant sentence is the last one - Huayou attributes the late-year price rebound and, more broadly, the global supply-demand balance to expectations around Indonesia's RKAB quota policy. That is a Chinese processor stating that the regulatory mechanism governing NCKL's own mining volumes is now the principal swing variable in the world nickel price.
According to INSG, the global nickel supply was 3.81 million tons and the demand 3.6 million tons in 2025. The nickel price throughout the year was mainly fluctuating within the bottom range due to the mismatch between supply and demand. At the end of the year, it rebounded significantly under the expectation of the tightening of Indonesia’s RKAB quota policy. From the supply side, global nickel production was highly concentrated in Indonesia. Its policy trends such as the RKAB quota have become key variables affecting the global nickel supply and demand balance.
p. 15 · Read in context →
Huayou's stated Indonesian position at the end of 2025: over 1.4 billion wet tonnes of nickel resource locked up through equity and offtake, MHP shipments of 235,000 tonnes from Huayue and Huafei (up 30%), a 120,000 t/yr Pomalaa HPAL plant expected to complete within the year, 60,000 t/yr at Sorowako and a 40,000 t/yr Huaxing RKEF project under construction - plus a whole-chain agreement with ANTAM and IBC. Against NCKL's 130,551 metal tonnes of MHP and nickel sulphate sold in 2025, this is the scale the MHP market is being supplied at by a single competitor. The unit basis of the 235,000-tonne figure is not restated here and the 2024 report used "metal tons" for a comparable intermediates line, so the two years are not a clean like-for-like; the project completion dates are company targets.
In the upstream resource sector, in Indonesia, efforts were made to intensify the development of mining resources. To date, a total of over 1.4 billion wet tons of nickel resources in Indonesia were locked in through various means such as investment, equity participation and underwriting, further consolidating the reserves of nickel and cobalt resources. The two HPAL projects, Huayue and Huafei, maintained stable and exceeded production capacity, achieving an annual MHP shipment of 235,000 tons, a 30% increase compared to the same period of the previous year. The Pomalaa HPAL project with an annual output of 120,000 tons of nickel metal progressed steadily as planned and is expected to be completed before the end of this year. The preparatory work for the Sorowako HPAL project with an annual output of 60,000 tons of nickel metal is proceeding in an orderly manner. The Huaxing RKEF project with an annual output of 40,000 tons of nickel metal has started construction. The construction of the Pomalaa Industrial Park is progressing smoothly and it has been awarded the title of “Important National Industrial Project of Indonesia”. The Company has reached strategic cooperation with ANTAM and IBC to carry out cooperation in the entire industrial chain of new energy vehicle batteries in Indonesia.
p. 18 · Read in context →
The same disclosure one year earlier, which is what makes it useful: plant-by-plant nameplate for the Indonesian HPAL build - Huafei at 120,000 t of MHP, Huayue at 60,000 t, Huake at 45,000 t of nickel matte - and nickel intermediate shipments of nearly 230,000 tonnes, up about 50% year on year. Note the slurry pipeline connecting the SCM mine to Huayue: that is MBMA's mine feeding Huayou's plant, an illustration of how tightly the Sulawesi ore-to-HPAL chain is interlocked compared with NCKL's fully self-supplied Obi Island complex. Both years' shipment figures are Huayou's own and include internally supplied volumes.
At the upstream resource end, in Indonesia, the Company invested in AJB, WKM and TMS mines, further enriching its nickel ore reserves. For the Huafei’s HPAL project with an output of 120,000t mixed hydroxide precipitate, it reached the target output by the end of the first quarter in 2024, the production capacity was gradually improved to achieve stable and over production; for the Huayue’s HPAL project with an output of 60,000t mixed hydroxide precipitat, it continuously exceeded the target output, and pulp pipeline connecting the SCM mine and Huayue project ran through the whole line, further reducing the production cost; Huake’s nickel matte project with an output of 45,000t nickel matte was operated stably; the shipment of nickel intermediates was nearly 230,000t, an increase of 50% over the same period last year.
p. 13 · Read in context →
Eramet SA (ERA)
Through a 38.7% indirect interest in PT Weda Bay Nickel, Eramet is partner in what it calls the world's largest nickel mine, on Halmahera - NCKL's own province of North Maluku - selling saprolite and limonite to the same class of Indonesian processors NCKL feeds internally, and constrained by the same RKAB quotas. Its Universal Registration Document is also the most methodical public account of how the nickel market is structured, with INSG country production tables and explicit MHP and matte volumes that size the market NCKL's HPAL segment sells into. Only the nickel chapters are used; manganese, mineral sands and lithium are excluded.
The clearest public definition of the two markets NCKL straddles, from a producer in both. Class 1 - pure nickel metal and the sulphates made from MHP and matte - was about 26% of 2024 primary nickel production; Class 2 ferroalloys, NPI and ferronickel, about 74%. The figure to carry is 350 kt of MHP produced in 2024 via HPAL in Indonesia, against 140 kt of nickel matte, with both intermediates mainly refined in China. NCKL sold 130,551 metal tonnes of MHP and nickel sulphate in 2025; the comparison is indicative only, since Eramet's number is 2024, is a production rather than sales figure, and NCKL's includes downstream sulphate. Eramet's stated MHP specification - 20 to 25% nickel and 5 to 10% cobalt - is also the payability basis on which NCKL's MHP is priced.
There are two categories of primary nickel:
• Class 1, pure nickel metal: mainly includes electrolytic nickel, powders and nickel briquettes. […] This class is usually associated with nickel salts, including nickel sulphates (NiSO ), which are mainly used in the production of precursors for active materials for the cathodes of lithium-ion batteries. With the boom in the electric vehicles sector, production of the above has expanded significantly. These are mainly manufactured from intermediate products such as MHP (Mixed Hydroxyde Precipitate) and nickel matte, and marginally by the dissolution of briquettes.
MHP is an intermediate product containing 20 to 25% of nickel and 5 to 10% of cobalt, and its production uses the HPAL (High Pressure Acid Leach) hydrometallurgical process, which is growing strongly in Indonesia, with 350 kt produced in 2024. The production of nickel matte has also increased in recent years, thanks to the NPI (Nickel Pig Iron) conversion process in Indonesia, representing 140 kt in 2024. These two intermediates are mainly refined in China.
In 2024, Class 1 represented around 26% of total primary nickel production;
• Class 2, nickel ferroalloys: this category mainly includes NPI and ferronickel, produced by pyrometallurgy and intended for the stainless steel market. These products are not qualified to be delivered in LME warehouses. In 2024, this class represented around 74% of global production of primary nickel, following the exponential growth of NPI in Indonesia and the dominance of stainless steel in the end use of nickel.
p. 76 · Read in context →
The ore-supply competitor's own strategy statement. Eramet puts nickel demand growth at 6% a year to 2027 with stainless steel about two-thirds of use, and positions Weda Bay in the first quartile of the cost curve, selling saprolite and laterite to local Class I and Class II producers. The volume numbers are the competitive point: 32 Mwmt permitted for 2025 - explicitly the ceiling of the current RKAB - with an ambition, agreed with partner Tsingshan and permitted under the 2024 AMDAL, to reach roughly 60 Mwmt a year, two-thirds saprolite. NCKL sold 30.59 Mwmt of nickel ore in 2025, so Weda Bay's current permitted volume is comparable to Harita's entire ore business and its stated ambition is roughly double it. "First quartile of the cost curve" is Eramet's own positioning claim, unquantified here.
Nickel demand is expected to increase by 6% (²)(average annual growth rate) over the 2024-2027 period, buoved by the resilient growth of stainless steel (which constituted about two-thirds of applications in 2024) and surging battery demand.
In this context, Eramet and its partner Tsingshan are developing the PT Weda Bay Nickel mine, which is positioned in the first quartile of the cost curve and supplies ore (saprolite and laterite) to local Class I and Il nickel producers. In accordance with the authorisations granted in October 2024 by the Indonesian Ministry of Mines. it is expected that
32 Mwmt of nickel ore will be marketed in 2025 - the limit of the current operating permits - with priority given to saprolites over laterites (whose nickel content is lower)
With its partner, the Group is still working to increase the mine's capacity to around 60 Mwmt per year, around two-thirds saprolites and around one-third laterites. in accordance with the environmental permit and the new long-term mining plan approved by the Indonesian authorities in the summer of 2024.
p. 18 · Read in context →
More peer documents
PT Merdeka Battery Materials Tbk - 2024 Annual Report — FY2024 · 424 pages · The prior-year baseline for the same disclosures used above: SCM ore volumes before the limonite ramp, RKEF cash costs of US$10,307/t Ni, and the HPAL pipeline as it stood before PT ESG began selling MHP. · Open →
Eramet - 2025 Integrated Report — FY2025 · 44 pages · The current-year Eramet update (French only, 44 pages): 42 Mwmt of marketable nickel ore at Weda Bay, the reaffirmed first-quartile positioning and 60 Mt/yr capacity goal, and a forecast of 9-12% annual growth in Class 1 battery nickel demand to 2040. · Open →
PT Trimegah Bangun Persada Tbk's management explains the business in its own materials. The slides below do the most of that work, pulled from the documents preserved in Sources. Each source link opens the complete presentation at that slide in a new tab.
1H26 Results Update — 1H2026
Where the business stands now — what got built in 1H26, volumes and margins by segment, dividends, and the audits that guard market access. · Open the full document →
Company Presentation FY23 — Analyst Call — FY2023
The FY23 deck — the clearest look at the physical asset base: concession map, ports, the capacity roadmap and per-product cash margins. · Open the full document →
Analyst & Investor Briefing 1H 2023 — 1H2023
The IPO-year briefing, and the only deck that explains the whole company from scratch: structure, value chain, assets and unit economics. · Open the full document →
More from management
Public Expose 2026 — 2026 · 23 pages · The annual IDX Public Expose — the same 2026 material presented to retail holders, with the board line-up and a Q&A session. · Open →
Analyst Call FY25 & 1Q26 — FY2025 / 1Q2026 · 28 pages · Audited FY25 results and the FY25 dividend, plus a nature-risk and TNFD readiness slide that appears nowhere else. · Open →
Analyst Call 9M25 — 9M2025 · 22 pages · The 2025 reserve and resource statement — 310.8mn wmt of limonite and saprolite — and the new GTS mine in south Obi. · Open →
Public Expose 2025 (English) — 2025 · 23 pages · The 2025 Public Expose in English: water management and watershed rehabilitation detail, plus a live Q&A. · Open →
Company Presentation FY24 — Analyst Call — FY2024 · 20 pages · FY24 results and the first full description of the CKM quicklime plant, jetties 5a and 7, and the GTS exploration programme. · Open →
Company Presentation 9M23 — Analyst Call — 9M2023 · 30 pages · Reserves as of 2023, the reserve-replacement strategy and the GPS/GTS acquisitions — how the ore base gets extended. · Open →
PT Trimegah Bangun Persada Tbk's management answers for the business every quarter. These are the exchanges that explain it best — verbatim, from the call transcripts preserved in Sources. Each link opens the full transcript at that page in a new tab.
Annual Public Expose 2026 — Q&A Minutes — Public Expose 2026
The most recent management Q&A: the LFP-versus-nickel demand challenge answered head-on, sulfur supply after the Strait of Hormuz closure, and why a higher-margin mining segment still matters less than smelting. · Open the full transcript →
IRMA certification, promised for early 2025 in the 2024 expose, is still in corrective action two years on.
Naufal A (individual investor); PT Trimegah Bangun Persada management: What is a progress update on the IRMA audit process? […] With regard to the IRMA audit process, the Company convey that the audit has been ongoing since 2024 and remains in progress. The Company is currently in the corrective action period, in accordance with the auditor's recommendations provided during the initial audit, in order to carry out improvements and corrections prior to re-verification by the auditor. The Company expects the auditor to conduct a re-verification within this year.
p. 2 · Read in context →
The hardest question of the session: if LFP owns 80% of China, who absorbs Indonesia’s HPAL output?
Bagus Permadi Prayitno (individual investor); PT Trimegah Bangun Persada management: Given that LFP chemistry currently captures roughly 80% of the EV battery market in China, what is the basis for investor confidence that the demand for MHP and nickel sulfate will remain sufficient to absorb the total output from Indonesia’s expanding HPAL capacity? […] With regard to the competitive dynamics between Lithium Ferro Phosphate (LFP)-based batteries and nickel-based batteries, the Company believes that these two battery types essentially serve distinct market segments. Nickel-based batteries are generally used in mid- to upper-class electric vehicles requiring greater energy storage capacity, as commonly found in the European and United States markets, which are characterized by long travel distances and relatively limited charging station infrastructure. Conversely, LFP-based batteries are more widely used in China, which has a greater number of charging stations, allowing vehicles with smaller battery capacities to operate optimally due to the higher frequency of charging that can be performed. Apart from this market segmentation, Nickel Cobalt Manganese (NCM) batteries are also considered advantageous in terms of sustainability due to their higher recyclability, that whereby used NCM batteries can be reprocessed into black mass or black powder for further processing into nickel sulfate. This represents one of the key advantages of nickel-based batteries, which is expected to support a more environmentally friendly (green) production process in the future, considering that within the next 20 (twenty) to 30 (thirty) years, nickel demand for batteries is projected to be met through the recycling of end-of-life nickel-based batteries, without the need for new mining activities.
p. 3 · Read in context →
HPAL’s key consumable after the Strait of Hormuz closure: 3–4 months of stock and a deliberately diversified supplier base.
Zetta Hannany (IDNFinancials); PT Trimegah Bangun Persada management: With regard to the impact of the sulfur supply disruption, the Company convey that since the outbreak of the conflict and the closure of the Strait of Hormuz in 2026, sulfur distribution has experienced minor disruptions. Nevertheless, since the end of 2025, the Company had anticipated the upward trend in sulfur prices by ensuring that sulfur supply and stock at its sites were sufficient to meet production requirements for a minimum period of 3 (three) to 4 (four) months. Furthermore, the increase in sulfur prices subsequently occurred gradually. To date, the Company has not experienced any difficulty in restocking sulfur, given its diversified supplier base, which is not dependent on a single country or the Middle East region alone. Through this strategy, the Company's sulfur stock remains secure, with current reserves estimated to be sufficient to meet requirements for approximately the next 4 months.
p. 4 · Read in context →
Mining carries the higher percentage margin; processing still carries the larger absolute contribution. Both, precisely.
Zetta Hannany (IDNFinancials); PT Trimegah Bangun Persada management: Does this indicate that raw nickel ore sales have become more profitable compared to downstream processing/smelting activities? […] Furthermore, that in percentage terms, the margin of the nickel mining segment is indeed higher than that of the nickel processing segment, given the relatively lower production costs in the mining segment. However, in nominal terms (in both US Dollar and Rupiah), the contribution of the nickel mining segment remains smaller than that of the nickel processing segment, as despite the large sales volume of nickel ore, the selling price per ton of nickel ore is significantly lower than the selling price of nickel processing products.
p. 4 · Read in context →
Why an IDR reporter is economically dollarised: exports in USD, and domestic ore priced off LME then converted.
Nurul21 (individual investor); PT Trimegah Bangun Persada management: What is the impact of the strengthening USD on the Company’s operations? […] With regard to the impact of the strengthening of the United States Dollar (USD) against the Rupiah, the Company convey that this condition does not have a negative impact on the Company. This is because the Company's revenue from the nickel processing segment is derived entirely from export activities, with sales proceeds conducted in USD. Meanwhile, with respect to the nickel mining segment, although sales payments are received in Rupiah, the selling price of nickel ore is essentially benchmarked to the US Dollar, given that the mineral reference price follows the London Metal Exchange (LME) price, which is subsequently converted into Rupiah.
p. 5 · Read in context →
Annual Public Expose 2025 — Q&A Minutes — Public Expose 2025
The clearest single account of the resource base and the low-cost-producer strategy: six IUPs on Obi, backward integration into quicklime, and the KPS RKEF build-out schedule. · Open the full transcript →
Guidance philosophy: no revenue or profit number, only the volume drivers — mature RKEF flat, new assets ramping.
Sabrina Rhamadanty (Kontan); PT Trimegah Bangun Persada management: What are the Company’s revenue and profit targets for this year, considering the global decline in nickel prices? Is there an increase compared to last year? […] In general, the revenue and profit will be contributed by nickel demand and supply globally. The management is striving to remain focus on efficiency programs and completion on the ongoing projects and expect these initiatives will provide enhanced contributions, particularly driven by improved operational performance in the nickel ore mining sector. The Company will increase the production through its subsidiary i.e PT GTS that has commenced operations in 2025. On the operation of nickel processing of PT Megah Surya Pertiwi (“PT MSP”) and PT Halmahera Jaya Feronikel (“PT HJF”) are expected to remain stable, as both facilities have reached full production capacity. […] Additional contributions are anticipated from the Company’s associated entities i.e PTHalmahera Persada Lygend (“PT HPL”), PT Obi Nickel Cobalt (“PT ONC”) and PTKarunia Permai Sentosa (“PT KPS”) which also impacted by nickel prices. However, in 2025, PT KPS and PT ONC are expected to increase, as PT ONC has reached full capacity and PT KPS has commenced production in 2025.
p. 3 · Read in context →
How the cost curve is defended when volume cannot grow: bring the HPAL reagent in-house rather than buy it.
Jeffrey Angkasa (Tuntun Sekuritas); PT Trimegah Bangun Persada management: What are the Company’s long-term strategies to maintain its position as a lowcost nickel producer, considering that many smelters face challenges in expanding production beyond existing capacity? […] To date, The Company is undertaking several cost-efficiency initiatives to remain competitive in production costs, including starting the construction of PT Citra Kemakmuran Mitra (“PT CKM”). PT CKM will process limestone into quicklime. During this time, we buy the quicklime from the external party at a higher cost. […] With the construction of a quicklime facility, the production or operational costs are expected to be more efficient, especially in nickel ore refining process using HPAL technology.
p. 4 · Read in context →
Management’s working price assumption — roughly USD 15,000/t Ni, taken as near the floor.
Zeta (IDN Financials); PT Trimegah Bangun Persada management: What is the Company’s projection on nickel prices for the remainder of the year? Is there any specific impact on the domestic nickel industry? […] The Company views the current nickel price as relatively stable. Based on LME data, the price hovers around USD 15,000/ton Ni and has occasionally lower below that level. Under current conditions, as a low-cost producer and efficiency initiatives implemented, the Company remains quite optimistic about its operational performance this year.
p. 5 · Read in context →
The growth pipeline dated and sized: KPS phases 2 and 3, to 185,000 t of nickel in ferronickel.
Zeta (IDN Financials); PT Trimegah Bangun Persada management: When will the construction of the remaining 8 (eight) RKEF lines at PT KPS be completed? What will the total production capacity be once completed? […] The 8 (eight) production lines at PT KPS are divided between Phase 2 and Phase 3, with four (4) lines each. Phase 2 is expected to proceed on schedule, with will be commencing in Q3 or Q4. The next phase is expected to begin in early 2026. Upon completion, PT KPS is projected to reach an installed capacity of 185,000 tons of nickel in FeNi.
p. 5 · Read in context →
Annual Public Expose 2024 — Q&A Minutes — Public Expose 2024
The call where the thesis was tested — BASF had just walked away from the Obi project and nickel was in surplus; it also contains the only public unit economics for the HPL HPAL plant. · Open the full transcript →
The Obi value-chain logic first laid out: tailings turned into product, limestone turned into HPAL reagent.
Godang Sitompul (Ruang Energi); PT Trimegah Bangun Persada management: In general, the purpose of PT BBS’s establishment is to reduce the tailings from HPAL. Currently, PT BBS is still under feasibility study, but roughly, contribution for reducing tailings from HPAL annually can reduce 1.5 tons of tailings. In addition, we hope the recycling process for the tailings from HPAL will be able to push the profitability of the Company, whereas the tailings with no value can be recycled into products that have added value. The efficiency from PT CKM through the processing of limestone to quicklime (the main raw material in the HPAL process) is still under feasibility study; therefore, we don’t have the number yet. The main point is that PT CKM will optimize the value chain in Obi Island, hence the operations are more efficient and can reduce production costs.
p. 3 · Read in context →
The IRMA timetable as originally given; set against the 2026 answer, it has slipped by well over a year.
Godang Sitompul (Ruang Energi); PT Trimegah Bangun Persada management: The Company’s target for ESG is carry out the certification for NCKL, whereas the internationally recognized certification body, namely IRMA. The Company expect that this certification will be completed soon and we will be […] certified no later than approximately in early 2025. If the certification is completed, we are the second company in Indonesia to be certified by IRMA after Vale.
p. 3 · Read in context →
The only public unit economics for HPL: 55,000 t/yr nameplate, US$1.2bn capex, ~30% MHP cash margin.
Ghaffur (Investor Daily); PT Trimegah Bangun Persada management: The Company is not in a position to answer the question of why BASF cancelled the project. We know that they have published a statement that can be directly checked by the public. We want to emphasize that the main point of sustainability for a project is the initial investment. We may say that project HPL, with nameplate capacity of 55,000 tons of nickel containedper year in MHP, has a total investment of US$1.2 billion. The second thing is that the higher cash margin and we may say that our cash margin of MHP is around 30%.
p. 4 · Read in context →
The surplus answered on demand grounds — stainless, not EVs, is the swing factor, and cost position is the defence.
Ghaffur (Investor Daily); PT Trimegah Bangun Persada management: Currently, nickel is oversupplied due to the increase of the nickel production in Indonesia. After we met several analysts and securities outside the country, they said that the oversupply is not as bad as predicted. […] By industry, the use of nickel from Indonesia is dominated by stainless steel, and growth for stainless steel has increased by 8%. It shows the oversupply has the potential to decrease. On the other hand, China government has taken an initiative to boost the economy for their country, including increasing the incentive for property, which will be able to push the demand for stainless steel and reflect the demand for nickel. Electric Vehicles (EV) batteries are currently growing, although the growth percentage is not as high as predicted by the market. We can say that every year’s growth is still double digits. We believe that nickel prospect in the future are still good. However, the most important things at this time is become a low cost producer. In the event of low nickel price, Indonesia nickel producers still can be make a profit.
p. 4 · Read in context →
Capital allocation for the rights issue: more capacity, more reserves, and larger stakes in the smelters it already runs.
Ghaffur (Investor Daily); PT Trimegah Bangun Persada management: Use of proceed of Right Issue will be use to increase the capacity production and nickel reserves of the Company. Furthermore, the Company also plans to increase shares ownership in the smelter and refinery facilities.
p. 5 · Read in context →
PT Trimegah Bangun Persada Tbk's annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
PT Trimegah Bangun Persada Tbk (Harita Nickel) — 2025 Annual Report — FY2025
Latest edition: first full year with the KPS smelter and ONC refinery running, and the year associate earnings reached a third of profit. · Open the full document →
Laporan Direksi / The Board of Directors Report — p. 38 · Read the full section →
Management's own account of the year: volumes by ore type and product, and why FeNi and MHP margins behave differently.
2025 volumes: 30.59m wmt of ore, 188,581t Ni in FeNi, and installed capacity by route.
From a mining perspective, the Company recorded total nickel ore sales volume of 30.59 million wmt, representing a 28.8% increase compared to the previous year. This growth was largely driven by a significant sales of saprolite ore, which reached 12.09 million wmt, in line with higher demand from RKEF smelters, particularly following the commencement of operations at PT KPS. Meanwhile, limonite ore sales reached 18.50 million wmt, supported by feedstock requirements for HPAL facilities, including the full-year contribution from PT ONC. […] In the RKEF segment, through PT MSP, PT HJF, and PT KPS, the Company achieved an installed capacity of approximately 240,000 tons of nickel metal per year, with additional significant capacity contribution from PT KPS, which has operated 8 (eight) production lines. Correspondingly, FeNi sales volume in 2025 reached 188,581 tons of nickel content in FeNi, compared to 126,344 tons of nickel content in FeNi from previous year. […] On the other hand, in the HPAL segment, the Company, through PT HPL and PT ONC, recorded an installed capacity of approximately 120,000 tons of nickel-cobalt metal per year. […] From a profitability perspective, these two segments exhibit distinct yet complementary margin characteristics. The RKEF (FeNi) segment, which is based on saprolite ore, generally has a more stable and relatively lower cost structure, serving as a margin stabilizer under pressured pricing conditions.
p. 42 · Read in context →
Why the two processing routes are run as a pair: FeNi for stability, MHP for cobalt credits and mix.
Meanwhile, the HPAL (MHP) segment provides exposure to higher value-added products, particularly within the EV battery supply chain. Although the HPAL cost structure is relatively more complex and sensitive to input price fluctuations such as sulfur, the segment benefits from cobalt by-product credits, which, under certain price conditions, help offset cost pressures and sustain competitive margins. […] Therefore, the Company’s portfolio mix of FeNi and MHP provides a balance between short-term cash flow stability and long-term margin expansion potential. In a volatile market environment, this strategy enables the Company to maintain profitability while remaining wellpositioned in structurally growing segments of the global nickel industry.
p. 43 · Read in context →
Struktur Korporasi / Corporate Structure — p. 96 · Read the full section →
Shows what the income statement does not: Harita holds 81.3%, Glencore 7.2%, and the HPAL plants are minority stakes.
Tinjauan Kondisi Eksternal / View on External Conditions — p. 104 · Read the full section →
The price backdrop the whole year is judged against — a third year of surplus and a 19% lower average LME price.
Tinjauan Kinerja Operasional / Operational Performance Review — p. 108 · Read the full section →
The clearest statement of how the business actually works: two ore types, two technologies, one island.
Limonite and saprolite, RKEF and HPAL, and why co-location on Obi Island matters.
The Company operates an integrated nickel business model spanning mining through processing activities. Its primary products are derived from laterite nickel ore, which consists of two main types: limonite and saprolite. Limonite ore typically contains approximately 1.1%–1.2% nickel content and is located closer to the surface. Beneath this layer lies saprolite ore, which generally contains higher nickel grades. […] All mined ore, both limonite and saprolite, were processed at downstream facilities owned by the Company’s Subsidiaries and Associated Entities located on Obi Island. The integration of mining sites and processing facilities within a single industrial cluster provides operational advantages, particularly in terms of logistics efficiency and supply reliability. […] Through its Subsidiaries, PT MSP, PT HJF, and Associated Entity, PT KPS, the Company operates smelter utilizing Rotary Kiln Electric Furnace (RKEF) technology to process saprolite ore into ferronickel (FeNi), which is subsequently used as a key raw material in stainless steel production.
p. 108 · Read in context →
Tinjauan Keuangan / Financial Overview — p. 118 · Read the full section →
Where the growth came from: mining segment revenue up 88.8% while processing revenue fell, and associate profit doubled.
FY2025 revenue split: nickel mining IDR7,178bn (+88.8%), nickel processing IDR22,455bn (-3.1%).
The Company recorded revenue from contracts with customers of IDR29,633 billion in 2025, representing a 9.9% increase compared to IDR26,965 billion in 2024.
This revenue was contributed by the nickel mining segment amounting to IDR7,178 billion, an increase of 88.8% compared to IDR3,801 billion, meanwhile the nickel processing segment amounting to IDR22,455 billion, a decrease of 3.1% compared to IDR23,164 billion in 2024.
p. 121 · Read in context →
Manajemen Risiko / Risk Management — p. 208 · Read the full section →
The only risk disclosure in the report; the production-disruption and community rows are the ones tied to a single-island operation.
Catatan 10. Investasi pada Entitas Asosiasi / Note 10. Investment in Associates — p. 343 · Read the full section →
The structural fact of NCKL: the HPAL refineries are 45.1%/40% associates, equity-accounted and absent from revenue.
HPL, ONC and KPS are private, unquoted and carried on the equity method.
The material associates of the Group are HPL, ONC and KPS. All associates are private companies in which there are no quoted market share prices available. The Group’s interests in all associated are accounted for using the equity method in the consolidated financial statements.
p. 343 · Read in context →
Catatan 37. Informasi Segmen / Note 37. Segment Information — p. 395 · Read the full section →
Defines the two reportable segments and shows that associate profit and the IDR23.7tn investment sit outside both.
Two reportable segments; financing and tax are managed group-wide and not allocated.
For management purposes, the Group is organized into business units based on their products and services and has two reportable operating segments as follows: […] Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss and is measured consistently with operating profit or loss in the consolidated financial statements. However, the Group financing (including finance costs and finance income) and income taxes are managed on a group basis and are not allocated to operating segments.
p. 395 · Read in context →
PT Trimegah Bangun Persada Tbk (Harita Nickel) — 2023 Annual Report — FY2023
The first post-IPO edition, whose business chapter is written at half today's capacity and before ONC and KPS existed as associates. · Open the full document →
Tinjauan Segmen Usaha / Business Segment Review — p. 101 · Read the full section →
How the company framed itself in 2023 — mining plus an industrial estate, two active pits, 301.9m wmt of reserves and resources.
2023 framing: two segments, two producing concessions, 301.9m wmt versus 310.8m wmt in 2025.
The Company operates 2 (two) main segments, namely nickel ore mining and establishment as well as the operation of an industrial estate on Obi Island, North Maluku Province. […] The Company estimates nickel ore reserves approximately 301.9 million wet metric tons (wmt) from 2 (two) active nickel laterite mining projects originating from the concessions of PT Trimegah Bangun Persada Tbk (“PT TBP”) and PT Gane Permai Sentosa (“PT GPS”), and 2 (two) mining concessions for nickel mining prospectus namely PT Jikodolong Megah Pertiwi (“PT JMP”) and PT Gane Tambang Sentosa (“PT GTS”).
p. 101 · Read in context →
Keunggulan Kompetitif / Competitive Advantages — p. 102 · Read the full section →
The technical explanation of RKEF and HPAL that later editions dropped, with the capacity base that has since roughly doubled.
End-2023 HPAL base: three lines, 55,000t MHP a year — against 120,000t of nickel-cobalt metal in 2025.
The Company is the first to develop and operate a refinery using HPAL technology in Indonesia, boasting the world’s largest capacity for nickel and cobalt production. […] The Company has an HPAL refinery through investment in PT Halmahera Persada Lygend (“PT HPL”) which has 3 (three) production lines with a total capacity of 55,000 tons of MHP per year produced from raw materials of 7.7 million wmt limonite.
p. 104 · Read in context →
More annual reports
PT Trimegah Bangun Persada Tbk (Harita Nickel) — 2024 Annual Report — FY2024 · 446 pages · The year ONC started up and NCKL took its stake to 20%, moving the second HPAL plant onto the equity method. · Open →
PT Trimegah Bangun Persada Tbk (Harita Nickel) — 2022 Annual Report — FY2022 · 410 pages · First annual report, covering the pre-IPO year and the common-control reorganisation that assembled the group. · Open →
Competitors describe PT Trimegah Bangun Persada Tbk's market in their own filings and calls. These verified passages and visual pages show where their strategies meet, using source documents preserved in Sources.
PT Merdeka Battery Materials Tbk (MBMA)
The closest structural analogue to Harita Nickel: the other IDX-listed integrated nickel group running a laterite mine (SCM), RKEF smelters and an HPAL-to-MHP build-out under the same Indonesian permitting regime, backed by domestic sponsors and run head-to-head against NCKL in local broker comparisons. Its annual report is also the only peer document that states a nickel-market view in the same regulatory vocabulary NCKL uses. Only the nickel chain is drawn on here; the AIM I pyrite/copper facility and the IKIP industrial estate are left out.
Two passages from the Nickel Industry Overview of MBMA's 2025 annual report (pp. 106-107). The characterisation is MBMA's; the demand figures are attributed to the International Nickel Study Group and the share figures carry no source. The part that matters for a Harita reader is that a direct competitor is publicly calling 2025 a significant surplus year driven by Indonesian and Chinese supply, with demand growth running behind supply growth - the price environment behind NCKL's realised FeNi and MHP prices in the same year. Treat the share claims as characterisation rather than measurement: page 107 carries both "more than one-third of the global nickel supply" and "around 50% of total global nickel output" within a few paragraphs of each other, and Eramet's country tables further down this tab put Indonesia at roughly 62% of ore production (INSG data) and 52% of finished primary nickel in 2024.
The combination of global economic slowdown, trade pressures, and oversupply caused the nickel industry to weaken, both in terms of prices and growth prospects. In 2025, the global nickel market was dominated by a surge in production, particularly from Indonesia and China, resulting in a significant surplus. Although demand for stainless steel and EV batteries continued to grow, the increase in demand was not proportional to the rise in supply, leading to downward pressure on nickel commodity prices throughout the year. In this regard, nickel continues to be regarded as a strategic metal for industrial and clean energy components, however, the market is facing structural challenges arising from oversupply and shifts in battery technology.
Based on projections from the International Nickel Study Group (INSG) meeting, global primary nickel demand grew by 4.8% in 2024 and is projected to increase further by 5.7% in 2025. Globally, China will continue to be the largest consumer of primary nickel, with its consumption expected to account for 63.5% of total global demand in 2025, followed by Indonesia, which is projected to contribute 12.2%. […] Approximately 42% of the world’s nickel reserves are located in Indonesia with its production accounts for around 50% of total global nickel output. The combination of abundant reserves and high production levels provides Indonesia with significant strategic leverage over the global supply chain, ranging from EV batteries to stainless steel.
p. 106 · Read in context →
MBMA's HPAL pipeline in its own words: PT ESG produced 25,994 tonnes of nickel in MHP in its first year of commercial sales, MNEM runs at 25,000 tpa of nickel in MHP, and a third plant, SLNC, is under construction at 90,000 tpa targeted for 2026. Set against NCKL's own 2025 disclosure of roughly 120,000 tonnes per year of installed HPAL nickel-cobalt capacity and 130,551 metal tonnes of MHP and nickel sulphate sold, MBMA is currently a fraction of Harita's MHP scale but has roughly 145,000 tpa of nameplate either running or in build - ESG at 30 ktpa NiEq and MNEM at 25 ktpa running, SLNC at 90 ktpa under construction (nameplates from p. 70). These are stated nameplate and production figures, not utilisation or cost, and SLNC's 2026 start is a target rather than a commissioned plant.
President Director's Report: In 2025, the MBMA Group reached a key milestone through PT ESG with the commencement of initial MHP sales after receiving its IUI in February 2025. During 2025, PT ESG produced 25,994 tons of nickel in MHP, while the FPP and slurry pipeline to IMIP had commenced operation in Q4 2025. This achievement reflects the operational readiness of the HPAL facility and strengthens MBMA Group’s position within the rapidly growing global battery materials supply chain.
The HPAL plant operated by MNEM, with an annual production capacity of 25,000 tons of nickel in MHP is currently operating and has transitioned to the new FPP at the SCM Mine site since Q4 2025. Meanwhile, the third HPAL facility, SLNC, with a planned capacity of 90,000 tons of nickel in MHP per year, was currently under construction and targeted to begin operations in 2026.
p. 45 · Read in context →
The competing RKEF cost line. MBMA reports 73,871 tonnes of nickel in NPI and LGNM for 2025 at a cash cost of US$9,406 per tonne of nickel, from three smelters with 19,000 / 19,000 / 50,000 tpa NiEq nameplate in which it holds 50.1%. NCKL's comparable disclosure for 2025 is roughly 240,000 tonnes per year of installed RKEF capacity and 188,581 tonnes of nickel contained in ferronickel sold. MBMA defines RKEF cash cost as direct cost per tonne of nickel produced including transport; NCKL does not publish a cash cost on that definition, so this is a benchmark for the level the basin operates at rather than a like-for-like margin comparison. Note also the product differs - MBMA sells NPI, NCKL sells higher-grade ferronickel.
The MBMA Group holds a 50.1% ownership in the RKEF Smelter located at IMIP. The RKEF Smelter facilities consist of several units such as CSID, BSID, and ZHN, which process saprolite nickel ore from the SCM Mine to produce NPI.
The CSID and BSID smelters commenced NPI production in 2019 and early 2020, respectively. Both smelters have a production capacity of 19,000 tpa NiEq and has consistently operated at utilization rates exceeding 100%, reflecting high operational efficiency and optimised production capacity. The third smelter, ZHN, began operations in 2023 with an installed capacity of 50,000 tpa NiEq.
Currently, the RKEF Smelter have undergone scheduled maintenance, and NPI production guidance has been revised to 70,000–80,000 tons. In 2025, the MBMA Group produced 73,871 tons of nickel in NPI and LGNM, comprising 72,106 tons of nickel in NPI and 1,765 tons of nickel in LGNM. This production was achieved at a cash cost of US$9,406/tNi.
p. 120 · Read in context →
Nickel Industries Limited (NIC)
ASX-listed but wholly Indonesia-operating, and running the same product straddle as Harita: RKEF nickel units plus a growing HPAL/MHP position, fed by its own laterite mine. It is by some distance the most disclosure-rich peer, publishing per-tonne cash costs, realised contract prices, ore price movements and RKAB quota outcomes - the level at which NCKL's economics can actually be benchmarked. Only the Indonesian nickel operations are used here; the group's financing, remuneration and ESG-award material is left out.
A competitor's operating economics for an Indonesian HPAL plant, at the level NCKL does not disclose. The Huayue plant, in which NIC holds 10%, produced 85,031 tonnes of nickel and 8,023 tonnes of cobalt in MHP - 42% above its 60,000 tpa nameplate on NIC's arithmetic - at cash costs of US$7,765/t Ni, up 9% on higher sulphur costs, against a realised MHP price of US$14,990/t Ni. Sulphur is the input NCKL's own management flags as the swing factor in HPAL cost, and the cobalt credit of about US$1,900/t Ni quantifies the by-product economics that both companies rely on. Cash costs here exclude by-product credits, and the figures are the plant's, reported through a 10% holder.
During the year, the Huayue Nickel Cobalt (HNC) Project produced 85,031 tonnes of nickel and 8,023 tonnes of cobalt in mixed hydroxide precipitate (MHP), outperforming nameplate capacity (60,000 tonnes of nickel per annum) by 42%. Combined operating cash costs increased by 9% year on year, primarily due to higher sulfur costs.
MHP contract prices increased by 8% to US$14,990/t Ni year on year supported by higher metal payability and stronger cobalt prices with the cobalt byproduct increasing to \~US$1,900/t Ni. Adjusted EBITDA for the year of US$6,677/t Ni was 12% higher than US$5,693/t in 2024.
p. 8 · Read in context →
The ore market NCKL sells into and buys from, described by a mine operator in it. Two things are visible: the price divergence - saprolite down 30% on a shrinking local premium while limonite rose 31% because Indonesian HPAL projects are bidding for feed - and the cost of the RKAB quota system, with US$21.3 million of standby charges because the 2025 quota extension did not arrive until 12 December. NCKL sold 30.59 million wmt of nickel ore in 2025 (12.09 saprolite, 18.50 limonite) against Hengjaya's 9.9 million wmt, and is exposed to the same annual quota cycle, though most of NCKL's ore moves to its own plants rather than to third parties. Prices are contract realisations at one mine, not a published index.
The Company’s Hengjaya Mine delivered another year of record production of 19.2 million wmt of nickel ore (15.1 million wmt of limonite and 4.1 million wmt of saprolite), and record sales of 9.9 million wmt under the existing Rencana Kerja dan Anggaran Biaya (RKAB) annual mining quota. The saprolite contract price is based on the Indonesian benchmark price plus a local premium. During the year, the saprolite contract price decreased 30%, driven by a reduction in the local premium. Despite the limonite nickel grade decreasing during the year, the limonite contract price increased 31% due to the increased demand for limonite ore from Indonesian HPAL projects. During the year, the Company experienced substantial downtime and $21.3 million in standby charges at the Hengjaya Mine as the RKAB extension was not granted until 12 December 2025 and consequently the Adjusted EBITDA decreased from $100.9m in 2024 to $91.6m in 2025. Subsequent to the end of the year the Company received an increase in its RKAB quota for 2026 to 14.3 million wmt.
p. 10 · Read in context →
Zhejiang Huayou Cobalt Co., Ltd. (603799)
The largest producer of Indonesian HPAL intermediate - the same product NCKL's HPL and ONC plants make - through the Huayue and Huafei plants at IMIP, with Pomalaa and Sorowako in construction alongside Vale Indonesia. It is also the refining and cathode-material buyer at the other end of the chain, so its disclosures show both how much MHP supply is arriving in the market and who ultimately consumes it. Only the nickel and Indonesia parts of the group are used here; the cobalt, lithium, copper and precursor/cathode businesses appear only where they set demand context.
How the largest Indonesian MHP producer sizes its own market: INSG-sourced global nickel supply of 3.81 million tonnes against demand of 3.6 million tonnes in 2025, a surplus of roughly 210,000 tonnes, with prices in the bottom of the range for most of the year. The competitively significant sentence is the last one - Huayou attributes the late-year price rebound and, more broadly, the global supply-demand balance to expectations around Indonesia's RKAB quota policy. That is a Chinese processor stating that the regulatory mechanism governing NCKL's own mining volumes is now the principal swing variable in the world nickel price.
According to INSG, the global nickel supply was 3.81 million tons and the demand 3.6 million tons in 2025. The nickel price throughout the year was mainly fluctuating within the bottom range due to the mismatch between supply and demand. At the end of the year, it rebounded significantly under the expectation of the tightening of Indonesia’s RKAB quota policy. From the supply side, global nickel production was highly concentrated in Indonesia. Its policy trends such as the RKAB quota have become key variables affecting the global nickel supply and demand balance.
p. 15 · Read in context →
Huayou's stated Indonesian position at the end of 2025: over 1.4 billion wet tonnes of nickel resource locked up through equity and offtake, MHP shipments of 235,000 tonnes from Huayue and Huafei (up 30%), a 120,000 t/yr Pomalaa HPAL plant expected to complete within the year, 60,000 t/yr at Sorowako and a 40,000 t/yr Huaxing RKEF project under construction - plus a whole-chain agreement with ANTAM and IBC. Against NCKL's 130,551 metal tonnes of MHP and nickel sulphate sold in 2025, this is the scale the MHP market is being supplied at by a single competitor. The unit basis of the 235,000-tonne figure is not restated here and the 2024 report used "metal tons" for a comparable intermediates line, so the two years are not a clean like-for-like; the project completion dates are company targets.
In the upstream resource sector, in Indonesia, efforts were made to intensify the development of mining resources. To date, a total of over 1.4 billion wet tons of nickel resources in Indonesia were locked in through various means such as investment, equity participation and underwriting, further consolidating the reserves of nickel and cobalt resources. The two HPAL projects, Huayue and Huafei, maintained stable and exceeded production capacity, achieving an annual MHP shipment of 235,000 tons, a 30% increase compared to the same period of the previous year. The Pomalaa HPAL project with an annual output of 120,000 tons of nickel metal progressed steadily as planned and is expected to be completed before the end of this year. The preparatory work for the Sorowako HPAL project with an annual output of 60,000 tons of nickel metal is proceeding in an orderly manner. The Huaxing RKEF project with an annual output of 40,000 tons of nickel metal has started construction. The construction of the Pomalaa Industrial Park is progressing smoothly and it has been awarded the title of “Important National Industrial Project of Indonesia”. The Company has reached strategic cooperation with ANTAM and IBC to carry out cooperation in the entire industrial chain of new energy vehicle batteries in Indonesia.
p. 18 · Read in context →
The same disclosure one year earlier, which is what makes it useful: plant-by-plant nameplate for the Indonesian HPAL build - Huafei at 120,000 t of MHP, Huayue at 60,000 t, Huake at 45,000 t of nickel matte - and nickel intermediate shipments of nearly 230,000 tonnes, up about 50% year on year. Note the slurry pipeline connecting the SCM mine to Huayue: that is MBMA's mine feeding Huayou's plant, an illustration of how tightly the Sulawesi ore-to-HPAL chain is interlocked compared with NCKL's fully self-supplied Obi Island complex. Both years' shipment figures are Huayou's own and include internally supplied volumes.
At the upstream resource end, in Indonesia, the Company invested in AJB, WKM and TMS mines, further enriching its nickel ore reserves. For the Huafei’s HPAL project with an output of 120,000t mixed hydroxide precipitate, it reached the target output by the end of the first quarter in 2024, the production capacity was gradually improved to achieve stable and over production; for the Huayue’s HPAL project with an output of 60,000t mixed hydroxide precipitat, it continuously exceeded the target output, and pulp pipeline connecting the SCM mine and Huayue project ran through the whole line, further reducing the production cost; Huake’s nickel matte project with an output of 45,000t nickel matte was operated stably; the shipment of nickel intermediates was nearly 230,000t, an increase of 50% over the same period last year.
p. 13 · Read in context →
Eramet SA (ERA)
Through a 38.7% indirect interest in PT Weda Bay Nickel, Eramet is partner in what it calls the world's largest nickel mine, on Halmahera - NCKL's own province of North Maluku - selling saprolite and limonite to the same class of Indonesian processors NCKL feeds internally, and constrained by the same RKAB quotas. Its Universal Registration Document is also the most methodical public account of how the nickel market is structured, with INSG country production tables and explicit MHP and matte volumes that size the market NCKL's HPAL segment sells into. Only the nickel chapters are used; manganese, mineral sands and lithium are excluded.
The clearest public definition of the two markets NCKL straddles, from a producer in both. Class 1 - pure nickel metal and the sulphates made from MHP and matte - was about 26% of 2024 primary nickel production; Class 2 ferroalloys, NPI and ferronickel, about 74%. The figure to carry is 350 kt of MHP produced in 2024 via HPAL in Indonesia, against 140 kt of nickel matte, with both intermediates mainly refined in China. NCKL sold 130,551 metal tonnes of MHP and nickel sulphate in 2025; the comparison is indicative only, since Eramet's number is 2024, is a production rather than sales figure, and NCKL's includes downstream sulphate. Eramet's stated MHP specification - 20 to 25% nickel and 5 to 10% cobalt - is also the payability basis on which NCKL's MHP is priced.
There are two categories of primary nickel:
• Class 1, pure nickel metal: mainly includes electrolytic nickel, powders and nickel briquettes. […] This class is usually associated with nickel salts, including nickel sulphates (NiSO ), which are mainly used in the production of precursors for active materials for the cathodes of lithium-ion batteries. With the boom in the electric vehicles sector, production of the above has expanded significantly. These are mainly manufactured from intermediate products such as MHP (Mixed Hydroxyde Precipitate) and nickel matte, and marginally by the dissolution of briquettes.
MHP is an intermediate product containing 20 to 25% of nickel and 5 to 10% of cobalt, and its production uses the HPAL (High Pressure Acid Leach) hydrometallurgical process, which is growing strongly in Indonesia, with 350 kt produced in 2024. The production of nickel matte has also increased in recent years, thanks to the NPI (Nickel Pig Iron) conversion process in Indonesia, representing 140 kt in 2024. These two intermediates are mainly refined in China.
In 2024, Class 1 represented around 26% of total primary nickel production;
• Class 2, nickel ferroalloys: this category mainly includes NPI and ferronickel, produced by pyrometallurgy and intended for the stainless steel market. These products are not qualified to be delivered in LME warehouses. In 2024, this class represented around 74% of global production of primary nickel, following the exponential growth of NPI in Indonesia and the dominance of stainless steel in the end use of nickel.
p. 76 · Read in context →
The ore-supply competitor's own strategy statement. Eramet puts nickel demand growth at 6% a year to 2027 with stainless steel about two-thirds of use, and positions Weda Bay in the first quartile of the cost curve, selling saprolite and laterite to local Class I and Class II producers. The volume numbers are the competitive point: 32 Mwmt permitted for 2025 - explicitly the ceiling of the current RKAB - with an ambition, agreed with partner Tsingshan and permitted under the 2024 AMDAL, to reach roughly 60 Mwmt a year, two-thirds saprolite. NCKL sold 30.59 Mwmt of nickel ore in 2025, so Weda Bay's current permitted volume is comparable to Harita's entire ore business and its stated ambition is roughly double it. "First quartile of the cost curve" is Eramet's own positioning claim, unquantified here.
Nickel demand is expected to increase by 6% (²)(average annual growth rate) over the 2024-2027 period, buoved by the resilient growth of stainless steel (which constituted about two-thirds of applications in 2024) and surging battery demand.
In this context, Eramet and its partner Tsingshan are developing the PT Weda Bay Nickel mine, which is positioned in the first quartile of the cost curve and supplies ore (saprolite and laterite) to local Class I and Il nickel producers. In accordance with the authorisations granted in October 2024 by the Indonesian Ministry of Mines. it is expected that
32 Mwmt of nickel ore will be marketed in 2025 - the limit of the current operating permits - with priority given to saprolites over laterites (whose nickel content is lower)
With its partner, the Group is still working to increase the mine's capacity to around 60 Mwmt per year, around two-thirds saprolites and around one-third laterites. in accordance with the environmental permit and the new long-term mining plan approved by the Indonesian authorities in the summer of 2024.
p. 18 · Read in context →
More peer documents
PT Merdeka Battery Materials Tbk - 2024 Annual Report — FY2024 · 424 pages · The prior-year baseline for the same disclosures used above: SCM ore volumes before the limonite ramp, RKEF cash costs of US$10,307/t Ni, and the HPAL pipeline as it stood before PT ESG began selling MHP. · Open →
Eramet - 2025 Integrated Report — FY2025 · 44 pages · The current-year Eramet update (French only, 44 pages): 42 Mwmt of marketable nickel ore at Weda Bay, the reaffirmed first-quartile positioning and 60 Mt/yr capacity goal, and a forecast of 9-12% annual growth in Class 1 battery nickel demand to 2040. · Open →