Investment Rating - The report recommends the industry [4] Core Insights - The RKEF project produced 30,463 tons of nickel pig iron (NPI) in Q2 2025, a decrease of 5% year-on-year and 4% quarter-on-quarter, primarily due to adjustments made to the ONI furnace [1][2] - The unit cash cost for NPI increased by 4% year-on-year to $10,348 per ton, driven by maintenance costs and rising electricity expenses [2] - The sales revenue for NPI in Q2 2025 was $346 million, reflecting a 6% decrease year-on-year [2] RKEF Project Summary - NPI production in Q2 2025 was 30,463 tons, with a contract price of $11,449 per ton, showing a 1% increase from the previous quarter [1][2] - The adjusted EBITDA for NPI was $33.7 million, down 24% from the previous quarter, with an adjusted EBITDA per ton of $1,107, a decrease of 20% [2][12] HPAL Project Summary - The Huayue nickel-cobalt project produced 20,750 tons of nickel and 1,877 tons of cobalt in Q2 2025, exceeding the rated capacity by 38% [3] - The unit EBITDA for HNC was $4,819 per ton, up 12% quarter-on-quarter, supported by rising MHP prices [5] Mining Operations Summary - The Hengjaya mine produced 5.92 million wet tons of nickel ore in Q2 2025, a 99% increase year-on-year [7] - The adjusted EBITDA for the Hengjaya mine was $41.4 million, a 33% increase from the previous quarter, driven by rising nickel ore prices [7] Financial Overview - Nickel Industries received $34.4 million in shareholder loan repayments in Q2 2025 [10] - The company also received $8.1 million in dividends from the Oracle Nickel project and $8 million from the Hengjaya mine [10][11]
Nickel Industries RKEF 项目 2025Q2 NPI 产量同比减少 5%至 3.05 万吨，单位现金成本同比上涨 4% 至 10,348 美元/吨
HUAXI Securities·2025-08-04 12:52