Nice update from NIC (not held) today.
"However, during the March quarter of 2024, there have been industry-wide delays in relation to the renewal
of the Rencana Kerja dan Anggaran Biaya Indonesian mining licence (RKAB Licence). The RKAB License
is an annual licence approving nickel ore sales volumes. The delay was caused in part by enhanced regulatory
approvals and scrutiny alongside the recently completed Indonesian presidential elections which were held on
14 February 2024. The Company’s Hengjaya Mine was impacted by these approval delays which meant it was
unable to sell ore in January and most of February.
The Hengjaya Mine received its RKAB Licence in February, for an extended renewal period of 3 years, with
ore deliveries recommencing on 21 February 2024. It was among the first 40 miners from 700+ applicants to
be issued a RKAB Licence post the Indonesian presidential elections. As at 15 March 2024, Hengjaya Mine
had sold 369,260 wmt of ore for the month of March and is on track for a record month of ore sales. Additional
haul trucks are being mobilised to Hengjaya Mine in April which will allow for increased volumes to be sold
across the June 2024 quarter to make up for the loss of ore sales in January and February.
The Company is also well advanced in targeting a revised RKAB Licence application in the second half of
2024 to facilitate ore sales volumes of up to 22M wmt per annum."
Key takeaways.
- Indonesian regulatory delays subsiding.
- Annual licences have been extended to 3 yr licences. reducing likelyhood of similar delays in the near term.
- NIC in the first 40 of 700+ miners to overcome these regulatory hurdles.- NIC, and I would assume others, are increasing throughput to make up for the regulatory delays.
I expect Ni price will be put under pressure again and will likely test the recent lows around $16K in the near term.
#greenhousebricks
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Nice update from NIC (not held) today."However, during the March...
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Open | High | Low | Value | Volume |
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1 | 20000 | 0.050 |
Price($) | Vol. | No. |
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0.059 | 98270 | 1 |
0.060 | 95531 | 2 |
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