Half Year 2025 Nickel Industries Ltd Earnings Call Transcript
Key Points
- Nickel Industries Ltd (NICMF) reported a world-class safety record with a lost time injury frequency rate of 0.182 per million work hours.
- The company maintained the highest MSCI ESG rating for an Indonesia-based mining and metals company.
- Nickel Industries Ltd (NICMF) achieved a significant increase in EBITDA from mine operations, up almost 50% from $26 million to $39.1 million.
- The company declared an interim dividend of AUD0.025 per share, fully funded from 100% of conduit foreign income.
- Nickel Industries Ltd (NICMF) increased its equity interest in the ENC HPAL project to 44%, with only 11% remaining to be acquired.
- The company faced delays in issuing mining licenses, impacting sales for the first two months of the year.
- Exceptionally high rainfall in the second quarter affected mining operations and ore sales.
- There was a decrease in sales by about 9.5% and a decrease in EBITDA from RKEF operations.
- The weighted average contract price for nickel declined by 27%, from $15,476 in the first half of 2023 to $11,290 in the first half of 2024.
- The company reported an increase in interest expenses due to loans, affecting profit after tax.
Thank you, and welcome, everyone, to Nickel Industries 2024 half-year results call. If I could ask the moderator to please move to slide 2, thank you.
Starting with safety, 3.25 million man-hours worked at the Hengjaya Mine with no recorded LTI. So that's a lost time injury frequency rate of 0.07, which is world class. Similarly, at our RKEF operations for the first half of 2024, 4.93 million cumulative hours worked. And that's a lost time injury frequency rate of 0.316, and there was one LTI reported at the ONI operation.
In terms of group safety, first half of 2024, 8.18 million man-hours worked with one LTI, and that's a lost time injury frequency rate 0.182 per million work hours. In terms of ESG, we continue to be a leader in the sector. We've maintained the highest MSCI ESG rating for an Indonesia-based mining and metals company.
And then throughout the first half of this year, we continued to receive a number of awards, including two gold awards at the Nusantara CSR Awards and winner of the ESG
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