Nickel · Mid-Tier · Producer · Indonesia
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
PT Vale Indonesia Portfolio
Portfolio
Project information
As at 31 December 2025
Description
As at 31 December 2025
Indonesia-listed nickel producer operating under a Special Mining Business License (IUPK) covering 118,017 hectares across three Sulawesi blocks (Sorowako 70,566 ha in South Sulawesi, Bahodopi 22,699 ha in Central Sulawesi, Pomalaa 20,286 ha plus Sua-Sua 4,466 ha in Southeast Sulawesi), valid until December 28, 2035. Core business is open-pit lateritic nickel mining; products are nickel matte from the Sorowako pyrometallurgical smelter and saprolite ore sales (since 2025) from Bahodopi and Pomalaa. Reserves and Resources reported under KCMI and SK-1300 standards as at 31 December 2025 on 100% basis. RPEEE assumes US$18,500-21,000/t Ni and US$67,500/t Co; reserves prospects use US$17,775-18,500/t Ni. Growth pipeline (IGP) comprises three HPAL JV processing facilities (Pomalaa-KNI, Morowali-BNSI, Sorlim-HLNI) plus Tanamalia mine preparation. 2025: nickel matte production 72,027 t, saprolite ore 15.9 mt mined, revenue US$990.2 m, EBITDA US$228.2 m, net profit US$76.1 m.
Portfolio Aggregate
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 31 December 2025
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Operating · 2 projects
Bahodopi Block 2-3
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Open-pit lateritic nickel mining project in the Bahodopi Block (22,699 ha concession area) within the Morowali Regency / Bumi Tepe Asa Moroso, Central Sulawesi. Construction commenced July 2022; transition from construction to production from May 2025 with gradual operational ramp-up from April 2025. The 2025 reserve / resource increase versus 2024 reflects the Bahodopi Block 2-3 expansion feasibility study (integrating limonite and saprolite ore types) that underwent external audit. Saprolite ore is sold directly (without screening) to domestic buyers; limonite ore will be supplied to the BNSI HPAL processing facility upon completion. Phase 2 construction continues through 2026-2027. Bahodopi Block 1 mine remains in development (76% complete, target 2027). Reserves / resources reported under KCMI / SK-1300 standards on a 100% basis as at 31 December 2025.
Mining metrics
As at 31 December 2025 · exclusive
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Reserves & resources — detail
As at 31 December 2025
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Sorowako
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Flagship open-pit lateritic nickel mining complex in the Sorowako Block (70,566 ha concession area), East Luwu Regency, South Sulawesi. The block supplies saprolite ore via screening to the Sorowako pyrometallurgical smelter for nickel matte production (commercial production commenced 1978). Three on-site hydroelectric power plants (Larona 165 MW, Balambano 110 MW, Karebbe 90 MW) supply mine + smelter. Furnace 3 rebuild project commenced Q4 2025 with mechanical completion targeted May 2026. The Sorowako Outer Area (SOA) supporting deposits (Larona, Tanamerah, Lantoa) feed Sorowako operations while project-stage SOA areas (Lemo-lemo, Loeha, Lingkona) are still being evaluated. Reserves and resources reported under KCMI / SK-1300 standards on a 100% basis as at 31 December 2025; mining dilution included on Measured / Indicated where Sorowako-feeding.
Mining metrics
As at 31 December 2025 · exclusive
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Reserves & resources — detail
As at 31 December 2025
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Construction · 1 project
Pomalaa
Asset · Construction
Project information
As at 31 December 2025
Description
As at 31 December 2025
Open-pit lateritic nickel mine under construction in the Pomalaa + Sua-Sua Block (Pomalaa 20,286 ha plus Sua-Sua 4,466 ha = 24,752 ha concession area), Kolaka Regency / Bumi Wonua Mekongga, Southeast Sulawesi. Mining project work began November 2023, reaching 60% progress by end-2025; initial saprolite ore sales of 298,259 wmt were executed during 2025 from Bulk Sample Test (BST 2023) stockpile reclaim. The mine is scheduled to begin commercial ore production in Q2 2026 alongside the Pomalaa HPAL processing project (50% complete; first mechanical completion targeted Q3 2026), operated by JV partner PT Kolaka Nickel Indonesia (KNI). Cobalt is recovered at HPAL pricing (RPEEE @ US$67,500/t Co). Cutoff for Pomalaa Limonite uses a Nickel-Equivalent basis (the only block using Ni-Eq); other blocks use Ni only.
Mining metrics
As at 31 December 2025 · exclusive
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Reserves & resources — detail
As at 31 December 2025
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Exploration · 2 projects
Tanamalia
Asset · Pre-feasibility
Project information
Description
Future open-pit lateritic nickel mining execution project under preparation, identified as one of four major growth engines of PT Vale Indonesia (alongside Pomalaa, Bahodopi, and Sorowako Limonite). Tanamalia mining execution preparation work was 32% complete at end-2025 with US$14.0 m capital expenditure to date and estimated completion in 2031. The Company plans an intensive 6,500-hole-per-year drilling programme starting in 2026 across the 118,017 ha IUPK area to potentially expand reserves up to 2.5x. No standalone reserves / resources tables are disclosed for Tanamalia in the 2025 AR.
Mining metrics
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Sorowako Outer Area
District · Pre-feasibility
Project information
As at 31 December 2025
Description
As at 31 December 2025
Sorowako Outer Area (SOA) project-stage and supporting nickel laterite areas surrounding the main Sorowako operations within the 70,566 ha Sorowako Block, South Sulawesi. Sub-areas include the Sorowako-feeding deposits Larona, Tanamerah, Lantoa (Measured/Indicated with mining dilution applied) and the project-stage areas Lemo-lemo, Loeha, Lingkona (reported undiluted). Saprolite Probable reserves of 10.34 Mt @ 1.78% Ni recognised for the first reserve disclosure on SOA at end-2025; no limonite reserves yet. The Tanamalia preparation project is under capital spend (US$14.0 m, 32% complete, target 2031) as the next-generation mining execution beyond Sorlim.
Mining metrics
As at 31 December 2025 · exclusive
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Reserves & resources — detail
As at 31 December 2025
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Processing facilities · 4 projects
Sorowako Smelter
Asset · Other
Project information
As at 31 December 2025
Description
As at 31 December 2025
Pyrometallurgical nickel smelter at Sorowako (South Sulawesi) producing nickel matte of average composition 78% Ni, 1-2% Co, 18-21% S. Facility equipped with 3 dryer furnaces, 5 reduction kilns, 4 electric furnaces, 3 converters, 6 screen stations, and 1 coal mill. Daily nominal production capacity is 180-220 t Ni matte/day. Electricity supplied by three hydroelectric plants (Larona 165 MW, Balambano 110 MW, Karebbe 90 MW) plus thermal back-up (Caterpillar 14 MW, Mirrlees Blackstone 30 MW). Furnace 3 rebuild commenced Q4 2025 with mechanical completion target May 2026 (US$78.2 m capital expenditure to date, 69% complete). Long-term offtake contracts with Vale Canada Limited (VCL) and Sumitomo Metal Mining Co. Ltd. (SMM), refreshed July 2025. 2025 cash cost of sales US$9,339/t matte, 2025 realized price US$12,157/t matte.
Processing facilities
Multiple effective dates
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BNSI HPAL Morowali
Asset · Other · Construction · Ownership 26.52%
Project information
Description
High-Pressure Acid Leaching (HPAL) facility under construction in Sambalagi, Morowali Regency, Central Sulawesi, to produce mixed hydroxide precipitate (MHP) as feedstock for EV batteries. JV with GEM Hong Kong International (subsidiary of GEM Co.) and EcoPro Co., Ltd. The Company no longer controls BNSI from 26 March 2025; investment in BNSI is now recognised as an investment in an associate. Construction at 22% by end-2025; first mechanical completion target Q3 2026; ore feed (limonite) from the Bahodopi mining block. BNSI total assets US$217.3 m at 31 December 2025. Facilities under construction: Sulfuric Acid Plant, Water Purification, Counter Current Decantation (CCD), HPAL Plant, plus Living Camp and Dormitory.
Processing facilities
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KNI HPAL Pomalaa
Asset · Other · Construction · Ownership 5.78%
Project information
Description
High-Pressure Acid Leaching (HPAL) facility under construction in Pomalaa to produce mixed hydroxide precipitate (MHP) for EV batteries. JV with Zhejiang Huayou Cobalt Co., Ltd. and Ford Motor Company. The Company no longer controls KNI (interest diluted from 100% to 20% upon Huayou investment, then to 18.3% upon Ford Motor's 21 December 2023 investment, and subsequently to 5.78% as of 31 December 2025); the investment is recognised as an investment in a joint venture. KNI total assets US$500.7 m at 31 December 2025. Construction at ~50% by end-2025 (autoclaves arrived and first unit installed); first mechanical completion target Q3 2026, ahead of original Q4 2026 schedule. Facilities include feed preparation plant (FPP), South Access Road (SAR), Sulfuric Acid Plant, CCD, HPAL plant, LNG-based power plant, and IPK Port.
Processing facilities
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HLNI HPAL Sorlim
Asset · Other · Construction
Project information
Description
High-Pressure Acid Leaching (HPAL) facility under construction in Sorowako (East Luwu Regency, South Sulawesi) to produce mixed hydroxide precipitate (MHP) for EV batteries. JV partner PT Huali Nickel Indonesia (HLNI), in partnership with global partner Huayou (slurry pipeline component). Project commenced June 2024; construction at 17% by end-2025; first production targeted 2027. Progress on autoclave fabrication, land acquisition for the 45.3 ha FPP facility, completion of HLNI Material Storage Yard at Waru Waru and Enggano Ports, and slurry pipeline route evaluation in mining areas. Mining feed sourced from Sorowako Block limonite (IGP Sorlim).
Processing facilities
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Battery Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Battery metals
- LCE vs Li metal vs Li₂O. Hard-rock reserves use % Li₂O; brine reserves use mg/L Li. Both translate to lithium carbonate equivalent (LCE) for chemical buyers.
- 1 t Li₂O ≈ 2.473 t LCE; 1 t Li metal ≈ 5.323 t LCE; 1 t LCE ≈ 0.188 t Li metal.
- Spodumene concentrate (5–6% Li₂O) is the usual hard-rock product; brine producers sell lithium carbonate or hydroxide. ~7.5:1 spodumene tonne to LCE tonne at 6% Li₂O.
- Nickel Class I (≥99.8% Ni, batteries) vs Class II (ferronickel/NPI, stainless). Cobalt is almost always a Cu/Ni by-product.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
- Consolidation method — how the issuer accounts for the asset. Separate from how much the company owns (ownership %) and who operates it, this accounting treatment decides whether an asset's figures sit inside the company's reported group totals or are stripped out to a single net line. It applies to operating assets (mines, oil & gas fields, processing facilities) and is left blank for royalties, streams, and company-level portfolio rollups.
- Consolidated — the company controls the asset and includes 100% of its figures in the group total; the portion it does not own is carried as a non-controlling interest (NCI). Control is not the same as a majority, so a company can consolidate an asset it holds less than half of. Where ownership is below 100%, the Portfolio shows the NCI percentage (100 minus the company's stake).
- Proportionate — a jointly-operated asset the company includes at its own share, line by line; the share is inside the group total.
- Equity method — an associate or joint venture shown on a single net line, with its revenue excluded from the group total. This is the usual reason a company's reported total is smaller than the sum of its individual assets; the Portfolio flags the share of a commodity total that is equity-accounted.
- Cost / other — a passive or fair-value holding, excluded from the group total.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Nickel
Copper uses kt Cu bands; lb-scale copper resources are converted to kt. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Commodity guides
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