Nickel Industries

What Nickel Industries does

Nickel Industries Limited (ASX: NIC) is an Australian-listed holding company that owns and operates a vertically integrated portfolio of nickel mining and downstream processing assets in Indonesia. Its core activity is low-cost nickel production via Rotary Kiln Electric Furnace (RKEF) technology across four projects — Hengjaya Nickel, Ranger Nickel, Angel Nickel, and Oracle Nickel — with a combined nameplate capacity of 125,341 tonnes per annum of nickel pig iron (NPI), sold primarily to stainless steel manufacturers. Operations are sited inside the Indonesia Morowali Industrial Park (IMIP) and Indonesia Weda Bay Industrial Park (IWIP), adjacent to the Hengjaya Mine (5,983 hectares, 285Mt at 1.17% Ni).

The company is mid-pivot from stainless steel-grade NPI toward battery-grade nickel for the EV supply chain. It holds a 10% interest in the Huayue Nickel Cobalt (HNC) High-Pressure Acid Leach (HPAL) project (60kt pa MHP nameplate) and a 46% interest in the Excelsior Nickel Cobalt (ENC) HPAL project (72kt pa nameplate, with capacity for MHP, nickel sulfate, and nickel cathode — a global first). Recent expansion includes a 17.5% interest in TMI and 36% in CNE (both HPAL), plus the Sampala (60%) and Siduarsi (51%) resource projects. Strategic shareholders include Shanghai Decent (largest, capex guarantor) and PT Danusa Tambang Nusantara / United Tractors (~20.13%); key offtake partners include Glencore (nickel matte) and Sphere Corp (SpaceX supplier, nickel cathode at ENC).

The business model is B2B commodity sales executed through long-term offtake agreements, with pricing referenced to LME nickel and negotiated contract rates (e.g., NPI at US$13,201/t in Q1 2026). 2025 external revenue was US$1,649.1M with adjusted EBITDA of US$283.0M; Q1 2026 adjusted EBITDA of US$135.6M was the strongest quarter since December 2023. The GTM motion is sales-led, targeting stainless steel converters and EV battery material participants, with capital markets engagement through ASX announcements and analyst coverage as the primary investor-facing channel.

Name

Nickel Industries

Legal name

Nickel Industries Limited

Website

https://nickelindustries.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Nickel Industries Limited (ASX: NIC) is an Australian-listed nickel producer that owns and operates vertically integrated RKEF and HPAL nickel processing assets in Indonesia, serving stainless steel manufacturers and EV battery supply chain participants with NPI, nickel matte, MHP, nickel sulfate, and nickel cathode.

Ownership category

akta.pro rank

Product category

Nickel Mining and Processing

NAICS

Copper, Nickel, Lead, and Zinc Mining (21223), Nonferrous Metal (except Aluminum) Smelting and Refining (331410)

SIC

Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Nickel Mining & Concentrates (IMAKAFAB)

akta.pro secondary industries

Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI), Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

Keywords

• Nickel pig iron production
• Battery-grade nickel processing
• HPAL nickel processing
• RKEF nickel operations
• Nickel mining Indonesia

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Nickel Pig Iron (NPI) Sales: Production and sale of nickel pig iron to stainless steel manufacturers through RKEF operations at Hengjaya Nickel, Ranger Nickel, Angel Nickel, and Oracle Nickel projects
2. HPAL Products (MHP, Nickel Sulfate, Nickel Cathode): Battery-grade nickel products from HPAL operations at HNC (10% interest) and ENC (46% interest) projects for EV battery supply chain
3. Nickel Ore Sales: Mining operations at Hengjaya Mine producing nickel ore for internal supply to RKEF operations and external sales

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Nickel Industries is a vertically integrated nickel producer operating mining, RKEF (Rotary Kiln Electric Furnace), and HPAL (High Pressure Acid Leach) processing assets in Indonesia to produce nickel pig iron (NPI) and nickel matte for stainless steel manufacturers and battery-grade nickel products (mixed hydroxide precipitate, nickel sulfate, nickel cathode) for the electric vehicle battery supply chain. The company's operations span across four RKEF projects, two HPAL projects, and mining operations within Indonesia's Morowali Industrial Park (IMIP) and Weda Bay Industrial Park (IWIP).

Product overview

Nickel Industries Limited is an ASX-listed company (ASX:NIC) that operates a vertically integrated portfolio of nickel mining and downstream processing assets in Indonesia. The company operates across four RKEF (Rotary Kiln Electric Furnace) projects—Hengjaya Nickel, Ranger Nickel, Angel Nickel, and Oracle Nickel—that produce nickel pig iron (NPI) and nickel matte for the stainless steel industry. The company is transitioning into the EV battery supply chain through its HPAL (High Pressure Acid Leach) operations, including a 10% interest in the Huayue Nickel Cobalt (HNC) project producing mixed hydroxide precipitate (MHP), and a 46% interest in the Excelsior Nickel Cobalt (ENC) project, which will be the first HPAL globally capable of producing three class-1 nickel products—MHP, nickel sulfate, and nickel cathode—for EV batteries. The company also operates the Hengjaya Mine for ore production and holds interests in the Sampala and Siduarsi resource projects. The operations span mining, RKEF processing, and HPAL processing across Indonesia's industrial parks.

Differentiator

Problem solved

Functional benefit

Products and services

• Hengjaya Nickel Project A rotary kiln electric furnace (RKEF) project located within the Indonesia Morowali Industrial Park (IMIP) with 2 RKEF lines and a nameplate capacity of 15kt per annum. Produces nickel pig iron (NPI) for the stainless steel industry. 2025 revenue was US$217.2 million with 2025 production of 16,590 tonnes.
• Ranger Nickel Project A rotary kiln electric furnace (RKEF) project comprising 2 RKEF lines with a nameplate capacity of 15kt per annum. Produces nickel pig iron (NPI) for the stainless steel industry. Located within the Indonesia Morowali Industrial Park (IMIP).
• Angel Nickel Project A rotary kiln electric furnace (RKEF) project located at the Indonesia Weda Bay Industrial Park (IWIP) comprising 4 RKEF lines with a nameplate capacity of 36kt per annum and a 380MW power plant. Produces nickel pig iron (NPI) for the stainless steel industry. 2025 revenue was US$532.3 million.
• Oracle Nickel Project A rotary kiln electric furnace (RKEF) project located within the Indonesia Morowali Industrial Park (IMIP) comprising 4 RKEFs with a nameplate capacity of 36kt per annum. Produces nickel pig iron (NPI) for the stainless steel industry. 2025 revenue was US$549.4 million.
• Huayue Nickel Cobalt (HNC) HPAL Project A high-pressure acid leach (HPAL) project with 4x autoclave processing units and a nameplate capacity of 60kt per annum of nickel in mixed hydroxide precipitate (MHP). Produces low-carbon battery-grade nickel for the electric vehicle supply chain. Nickel Industries holds a 10% interest.
• Excelsior Nickel Cobalt (ENC) HPAL Project A next-generation HPAL project under construction within the Indonesia Morowali Industrial Park (IMIP) expected to produce 72,000 metric tons per annum of contained nickel equivalent across three major class-1 nickel products: mixed hydroxide precipitate (MHP), nickel sulfate, and nickel cathode. It is the first HPAL globally with capacity to produce all three class-1 nickel products suitable for the EV battery market. Nickel Industries holds a 46% interest.
• Hengjaya Mine A nickel mine located in the Morowali Regency, Central Sulawesi, Indonesia. The IUP permit concession area covers 5,983 hectares and holds a resource of 285 million dry tonnes at 1.17% Ni and 0.09% Co. Produces saprolite and limonite ore for in-country processing at RKEF operations and external sales.
• Sampala Project A nickel project comprising three highly prospective, advanced and contiguous IUPs covering 6,654 hectares. Located 36.9km from IMIP, it hosts a combined Mineral Resource of 187 million dmt at 1.2% nickel and 0.09% cobalt, equating to 2.3 million tonnes of contained nickel metal. Nickel Industries holds a 60% interest.
• Siduarsi Project A 6th generation Contract of Work (CoW) covering 16,470 hectares in West Papua, Indonesia. One of only four active nickel CoWs in Indonesia. Nickel Industries holds a 51% interest.
• Nickel Pig Iron (NPI) The primary product from RKEF operations, produced for the stainless steel industry. Q1 2026 realized contract pricing reached US$13,201 per tonne.
• Nickel Matte A converted product from existing NPI production, produced for the stainless steel industry and EV supply chain. Sold through a sales contract with Glencore.
• Mixed Hydroxide Precipitate (MHP) A battery-grade nickel product from HPAL operations, used in the electric vehicle battery supply chain. Produced at HNC with 60kt nameplate capacity of nickel in MHP.
• Nickel Sulfate A battery-grade nickel product from the ENC HPAL project, used in the electric vehicle battery supply chain.
• Nickel Cathode A battery-grade nickel product from the ENC HPAL project, used in the electric vehicle battery supply chain and aerospace applications. Subject to offtake agreements with Sphere Corp (SpaceX supplier).

Quantifiable outcome

• Q1 2026 EBITDA of US$135.6 million, strongest quarter since December 2023
• +3 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered flagship and core.

• Sphere Corp (South Korea)flagshipStrategic or Co-development PartnerSouth Korean aerospace materials manufacturer Sphere acquired 10% stake in the ENC HPAL project at US$2.4 billion valuation. Sphere, a SpaceX supplier, entered into offtake agreements for its share of nickel output as cathode material plus additional volumes at market price.
• Decent Resource (Hong Kong)coreStrategic or Co-development PartnerHong Kong-based Decent Resource is the project partner for the ENC HPAL project. Sold 10% stake to Sphere and part of the remaining interest to Nickel Industries, which now holds 46% in the project.
• Indonesia Morowali Industrial Park (IMIP)coreStrategic or Co-development PartnerIMIP hosts Nickel Industries' Hengjaya Nickel, Ranger Nickel, Oracle Nickel RKEF operations and ENC HPAL project. The industrial park provides infrastructure and operational ecosystem for nickel processing operations.
• Indonesia Weda Bay Industrial Park (IWIP)coreStrategic or Co-development PartnerIWIP hosts Nickel Industries' Angel Nickel RKEF operations. The industrial park is one of the world's largest nickel industrial parks operated with Chinese partners.
• GlencorecoreChannel Partner/ Reseller/ DistributorNickel Industries has a nickel matte sales contract with Glencore for the sale and distribution of nickel matte production.

Scale indicators13 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Tsingshan Holding Group: Tsingshan is the world's largest stainless steel and nickel pig iron producer and co-developer of the IMIP and IWIP industrial parks where Nickel Industries operates. As both a strategic partner and direct competitor in NPI production, Tsingshan is the most directly comparable peer.
• Huayou Cobalt: Huayou Cobalt is a Chinese battery materials company that is the operator and partner of the HNC HPAL project in which Nickel Industries holds a 10% stake. Directly comparable as a co-investor in HPAL nickel/cobalt projects targeting the EV supply chain.
• PT Vale Indonesia: PT Vale Indonesia operates nickel mining and processing in Sulawesi, Indonesia, producing nickel in matte for the EV battery supply chain. Direct geographic and operational peer in Indonesian nickel production.
• Eramet SA: Eramet is a French mining and metallurgical group with significant nickel operations, including the Weda Bay project in Indonesia (partially within IWIP where Nickel Industries' Angel Nickel operates) and HPAL/smelting activities. Directly comparable in integrated nickel mining and processing.
• Sherritt International Corporation: Sherritt is a Canadian nickel and cobalt producer operating the Moa Bay HPAL joint venture in Cuba, producing mixed hydroxide precipitate (MHP) for the EV battery supply chain. Closely comparable as a non-integrated HPAL nickel/cobalt producer targeting battery markets.

Others

• Glencore plc: Glencore is both a customer of Nickel Industries (nickel matte offtake agreement) and a major global nickel trader and producer. Comparable as a counterparty in nickel marketing and distribution rather than a direct operational competitor.

Broad incumbents

• Sumitomo Metal Mining Co., Ltd. Sumitomo Metal Mining is a Japanese integrated nickel producer with HPAL operations (Coral Bay, Taganito in the Philippines) producing MHP and nickel sulfate for the battery supply chain. Comparable as an established HPAL operator targeting the EV market.
• Nornickel (Norilsk Nickel): Nornickel is the world's largest producer of refined nickel and a major palladium producer, primarily from sulfide ore operations in Russia. Comparable as a major integrated nickel producer, though focused on higher-grade sulfide rather than laterite/NPI production.
• Vale S.A. Vale is one of the world's largest diversified miners with significant nickel operations in Canada, Indonesia (through PT Vale), and New Caledonia (historical). A broad incumbent peer across the global nickel supply chain, though much larger and more diversified than Nickel Industries.
• BHP Group Limited: BHP operates the Nickel West asset in Western Australia producing nickel sulfate for the EV battery supply chain. A broad incumbent peer in the global nickel market, with comparable battery-grade nickel positioning but materially larger scale and diversification.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/nickel-industries-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries11 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nickel Industries