- Nickel Industries (NIC) produces the first batch of nickel pig iron (NPI) from its majority-owned Oracle nickel project in Indonesia
- The batch was produced ahead of schedule and NIC’s other rotary kiln-electric furnace (RKEF) lines will be progressively commissioned, with all four expected to begin operations by the end of Q1 2023
- Upon the Oracle power plant commissioning, Nickel Industries expects all RKEF lines will significantly increase production levels
- Shares in NIC are up 1.33 per cent, trading at 95.3 cents as of 2:04 pm AEDT
Nickel Industries (NPI) has produced the first batch of nickel pig iron (NPI) from its 70 per cent-owned Oracle nickel project within the Indonesia Morowali Industrial Park (IMIP).
The company said this first batch was produced well ahead of its commissioning schedule, which placed the scheduled delivery date in February 2023.
Oracle Nickel’s other three rotary kiln-electric furnace (RKEF) lines will be progressively commissioned over the coming months, with all four RKEF lines anticipated to have commenced operations by the end of Q1 2023.
According to NPI, the ramp-up of Oracle will be transformative to the company’s existing operations, increasing annual attributable nickel metal nameplate capacity from 52,800 tonnes per annum (ktpa) to exceed 100ktpa.
Managing Director Justin Werner said the maiden production is “yet another momentous milestone” in the company’s “rapid evolution into a globally significant, diversified nickel producer”.
“As Oracle Nickel’s remaining lines progressively come online and ramp-up in the months ahead, we look forward to seeing a steady increase in our monthly production rates.”
The ramp-up of Oracle’s four RKEF lines will follow a similar path to the company’s Angel nickel project at the Indonesia Weda Bay Industrial Park.
Each line will progressively ramping up to approximately 60 per cent of nameplate capacity until such time as the Oracle’s own power plant comes online.
Nickel Industries expects the Oracle power plant will be commissioned in Q2 2023, at which time all RKEF lines are expected to rapidly increase their production levels to a similar level as the company’s existing operations.
Shares in Nickel are up 1.33 per cent, trading at 95.3 cents as of 2:04 pm AEDT