Vale Indonesia Sees Robust Growth in Nickel Production and Sales in 2023

Vale Indonesia has reported significant growth in its nickel matte production and sales volumes over the last year, highlighting a remarkable performance despite numerous challenges. In 2023, INCO produced 70,728 metric tons of nickel in matte, marking an 18% increase from the 60,090 tons produced in 2022.

Febriany Eddy, CEO and President Director of Vale Indonesia, attributes this success to the company's strategic maintenance approach and enhancements in the mine and processing plant operations. These efforts culminated in a robust fourth-quarter output of 19,084 tons of nickel in matte, 6% higher than the third quarter's production and an 18% year-on-year increase.

Sales volumes paralleled production achievements, with a 17% year-on-year increase, totaling 71,108 tons of nickel matte in 2023. This surge in sales, especially notable in the fourth quarter with a 20% increase over the previous quarter, helped offset the impact of a 10.43% decline in the average realized selling price (ASP) from US$ 19,348 per ton in 2022 to US$ 17,329 per ton in 2023.

Despite the ASP reduction, INCO's strategic market positioning and operational efficiency drove net revenue growth to US$ 1.23 billion by the end of 2023, a 4.5% increase from the previous year's US$ 1.17 billion. This performance underscores Vale Indonesia's resilience and adaptability in navigating market fluctuations and operational challenges, reinforcing its position as a key player in the global nickel industry.