Nickel Industries output jumps from prior quarter, co sees better Sept quarter (updated)

Jardine Cycle & Carriage

31/07/2023 03:33

(Updates throughout with details on June-quarter output and
Sept- quarter outlook, share moves in paragraph 3)
       July 31 (Reuters) - Nickel Industries  NIC.AX  reported
a record June-quarter output from its rotary kiln electric
furnace (RKEF) projects on Monday, with the commissioning of a
power plant at its Indonesia project expected to lift production
further in the coming three months.
    The Sydney-based miner logged a total RKEF nickel production
of 32,558 tonnes for the quarter ended June 30, an 18.8% jump
from the prior quarter.
    Shares of the nickel miner were trading 0.9% higher at
A$0.8175, as of 0143 GMT, after gaining as much as 1.9% earlier
in the session.
    Combined sales for the miner's Hengjaya Nickel, Ranger
Nickel, Angel Nickel and Oracle Nickel projects came in at
$434.3 million for the June quarter, down 11% from the prior
quarter owing to a fall in realised contract prices.
    The Oracle project (ONI) in Indonesia reported a total
nickel production of 10,141 tonnes, nearly double from the prior
quarter.
    "With the successful commissioning of the ONI power plant in
late June, we look forward to further production increases from
our ONI operations and more importantly improved margins," the
miner said in a statement.
    Last month, Nickel Industries issued 857 million new shares
to a unit of Indonesian construction firm United Tractors Tbk
 UNTR.JK , which is an indirect unit of Singaporean investment
holding firm Jardine Cycle & Carriage Ltd  JCYC.SI .    
    

 (Reporting by Nausheen Thusoo and Sameer Manekar in Bengaluru;
Editing by Subhranshu Sahu)
 ((Nausheen.Thusoo@thomsonreuters.com;))