ASX 200 Mining Stock Nickel Industries Continues its run in 2026
With clearer mining approvals, a globally recognised aerospace partner and improving financial flexibility, Nickel Industries is well positioned to benefit from rising demand for the high-quality nickel in batteries and advanced manufacturing.
Nickel Industries Limited (ASX: NIC)
has taken a major step forward with key approvals and strategic deals that strengthen its growth outlook across the global battery and specialty metals market.Β
Nickel Industries now has a market capitalisation of around $3.97 billion making it one of the biggest pure play nickel companies on the market.
ENC is set to deliver annual nickel production of approximately 72,000 tonnes once it becomes operational.
The company received approval to increase its 2025 nickel ore sales quota from 9 million to 10.5 million wet metric tonnes allowing sales from the Hengjaya Mine to restart immediately. This approval is backed by a 5-year environmental clearance (AMDAL) which also supports a targeted increase to 19 million wmt per year in 2026, providing strong visibility for future volume growth.Β
Nickel Industries also announced a strategic partnership for its Excelsior Nickel Cobalt (ENC) project, with Sphere Corp of South Korea acquiring a 10% stake at a US$2.4 billion valuation. Sphere is a key supplier to SpaceX and will take nickel cathode from ENC, opening access to high-value aerospace and Western markets.Β
The company strengthened its balance sheet by issuing US$800 million of senior unsecured notes at 9% refinancing higher-cost debt and extending maturities. This move lowers interest costs and improves cash flow, supporting Nickel Industriesβ long-term growth strategy.Β
The September 2025 quarter remained solid with RKEF EBITDA up 20% and HPAL EBITDA up 21% even though mine sales were temporarily impacted by quota delays. With approvals now in place, volumes and earnings are expected to recover strongly.Β
Nickel Industriesβ RKEF plants produced 31,148 tonnes of nickel in the September 2025 quarter while its HPAL operations at Huayue delivered 21,656 tonnes of nickel and 1,924 tonnes of cobalt highlighting strong production across both stainless-steel and battery grade nickel streams.
(Source: Company Announcements)
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