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Nickel price went up, Vale’s revenue soared

28 October 2022 11:10

JAKARTA – PT Vale Indonesia Tbk (INCO), a nickel mining company, posted an upturn in revenue that was supported by the increase in the average realisation of nickel price throughout January-September 2022. The profit reportedly clocked up to USD 168.4 million in Q3 2022, shifting from USD 122.9 million last year.

In the press release quoted Friday (28/10), Febriany Efy, President Director of INCO, confirmed that the average realisation of nickel price jumped 41% from last year, while its revenue arrived 27% higher than last year. “Due to the price volatility in the market, we are still being cautious towards the fluctuation of nickel price throughout the rest of this year,” she added.

Throughout July-September 2022, INCO produced 17,513 metric tons (t) of nickel, sold 17,334 t, recorded average realisation price of USD 17,840 per metric ton, and posted revenue of USD 309.2 million. For comparison, in the same period last year, the company produced 12,567 t of nickel, sold 13,527 t, recorded average realisation price of USD 24,355 per metric ton, and posted revenue of USD 329.4 million.

Then, throughout January-September 2022, INCO’s revenue clocked up to USD 873.7 million, increasing from USD 686.4 million in the same period in 2021. Then, the nickel production shrank from 48,373 t to 43,907 t, as did the sales from 49,263 t to 44,347 t. However, the average realisation price shifted higher from USD 13,934 per metric ton to USD 19,703 per metric ton. (LK/ZH)

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