Join our daily newsletter At The Bell to receive exclusive market insights
- Nickel Mines (NIC) says production from the Angel Nickel Project is well ahead of its commissioning schedule
- First production of nickel pig iron (NPI) from the Indonesian project is now expected in the first quarter of 2022, well ahead of the October 2022 contractual delivery date
- The company says it aims to have all four rotary kiln electric furnace lines producing by June 2022
- Nickel Mines jumped 5.96 per cent today, trading at $1.16 at 2:45 pm AEDT
Nickel Mines (NIC) today said production from its Angel Nickel Project was well ahead of its commissioning schedule.
First production of nickel pig iron (NPI) from the project, which lies within the Indonesia Weda Bay Industrial Park (IWIP), is now expected in the first quarter of 2022 — well ahead of the October 2022 contractual delivery date.
Under a revised commissioning timetable, NIC expects to see the first of four rotary kiln electric furnace (RKEF) lines commissioned in March 2022, with the other three lines to be commissioned progressively over the following 90 days.
The company said it aims to have all four lines producing by June 2022.
Meanwhile, the Angel Nickel Project (ANI) power plant is scheduled to begin commissioning by the end of September 2022, ahead of the October 2022 contractual delivery date.
The project will use power from the existing IWIP electricity grid in the interim. During this period, nickel pig iron production from the lines will run at less than 100 per cent of the 36,000 tonnes of nickel metal production nameplate capacity every year, depending on the availability of power.
Full NPI production capacity is expected to be achieved around one month after the commissioning of the ANI power plant.
Nickel Mines’ Managing Director, Justin Werner, said the company is delighted with the progress that has been made in recent months at the Angel Nickel Project.
“The result of this fast-tracked commissioning is increased attributable nickel production and the bringing forward of valuable cash flows at a time when NPI prices are trading near record highs,” said Justin Werner.
“The delivery of ANI will be truly transformative for the company, more than doubling our attributable nameplate production capacity and firmly entrenching us as one of the largest pure-play nickel producers globally.”
Nickel Mines jumped 5.96 per cent today, trading at $1.16 at 2:45 pm AEDT.
