Back to announcement
20250730_INCO_Laporan Informasi dan Fakta Material_31928723_lamp1.pdf
Other Text extracted INCOSource file signed link, expires in 15 minutes
Extracted text 7
Page 1
PT Vale anticipates stronger baseline as growth catalysts secured
Jakarta, July 30th, 2025 – PT Vale Indonesia Tbk (“PT Vale” or the “Company”, IDX Ticker: INCO)
today announced its unaudited results for the second quarter of 2025 (“2Q25”).
Production Highlights
2Q25 1Q25 2Q24 1H25 1H24
Nickel in matte production (t) 18,557 17,027 16,576 35,584 34,774
The Company recorded a 9% increase in production volume in 2Q25 compared to the previous
quarter. This positive result reflects the Company’s continued focus on quality and the effective
execution of planned maintenance activities, both of which are essential for sustainable operations.
On a year-on-year basis, production in 2Q25 also showed a notable improvement of 12%,
underscoring the Company’s consistent operational performance. Furthermore, production for the first
half of 2025 (“1H25”) was 2% higher than the same period in 2024, supported by the Company’s
proactive maintenance strategy and other operational enhancements implemented throughout the
first semester.
Looking ahead, we remain optimistic about our production outlook and are confident in our ability to
maintain stable operations throughout the remainder of the year. The Company is targeting a total
production of approximately 71,234 metric tons (“t”) of nickel in matte for 2025, representing an
increase from last year’s target.
In the 2Q25, PT Vale’s nickel matte deliveries also rose slightly to 18,023 tons, compared to 17,096
tons in 1Q25. “This reflects stable operational performance and improved output efficiency”, reported
Abu Ashar, Vice President Director and Chief Operation and Infrastructure Officer of the Company.
The average realized price for nickel matte in 2Q25 stood at US$12,091 per ton, a slight increase
from US$11,932 in the previous quarter. The moderate increase in pricing, combined with higher
delivery volumes, contributed to a rise in total revenue, reaching US$220.2 million — a 7%
improvement from US$206.5 million in the previous quarter. On the other hand, in addition to the new
royalty implementation, our conscious decision to accelerate planned maintenance schedules (c. 20
days) from the second half of 2025 also had an impact to our 2nd quarter operations. However, PT
Vale managed to maintain EBITDA at a healthy level of US$40.0 million with positive net profit of
US$3.5 million for the quarter and should be able to optimize the production level for the remaining
half of the year.
“We will have stronger baseline starting this second half of the year. We have reached new terms for
our nickel matte pricing with our customers and also obtained approval for the revised Work Plan and
Budget (RKAB) of around 2.2 million tons of saprolite ore from the Bahodopi block. These
developments are expected to generate more revenue streams and strengthen PT Vale’s baseline
going forward” said Rizky Putra, Director and Chief Financial Officer of the Company.
[ 1 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T (62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 2
The following table provides details on PT Vale’s High Sulphur Fuel Oil (“HSFO”), diesel and coal
consumption and average price:
2Q25 1Q25 1H25 1H24
HSFO volume (barrels) 380,751 319,536 700,287 779,159
HSFO average price per barrel US$83.42 US$84.64 US$83.98 US$86.39
Diesel volume (kilolitres) 16,919 18,614 35,533 35,868
Diesel average price per litre US$0.85 US$0.79 US$0.82 US$0.83
Coal volume (t) 127,291 118,018 245,309 228,249
Coal average price per t (*) US$131.55 US$161.49 US$145.96 US$175.60
(*) Price in WMT (Wet Metric Ton) and CFR (Cost & Freight) basis
The table reflects a quarter-on-quarter increase in HSFO and coal consumption, primarily driven by
higher production volumes during the quarter. In contrast, diesel consumption in 2Q25 returned to
normal levels, indicating a stabilization of operational activities and energy usage. During the quarter,
HSFO and coal prices declined by 1% and 19%, respectively, while diesel prices rose by 8%
compared to 1Q25. The notable drop in coal prices aligns with the broader downward trend in global
commodity prices and improving efficiencies through implementation of procurement bulk material
sourcing strategy in our operation. On top of savings from energy spending, in 2Q25, PT Vale have
also done rigorous and continuous cost optimization especially in SG&A and other corporate
expenditure to ensure discipline in a challenging market.
As of June 30, 2025, the Company’s cash and cash equivalents stood at US$506.7 million, down
from US$601.4 million at the end of the previous quarter. This decrease reflects capital expenditures
of approximately US$96.4 million in 2Q25, compared to US$128.1 million in 1Q25. PT Vale remains
committed to maintaining prudent financial discipline and will continue to manage expenditures
carefully to preserve cash and support long-term financial resilience.
The Company remains steadfast in its commitment to enhancing productivity and driving cost-
efficiency improvements, ensuring long-term competitiveness and operational excellence. These
efforts are grounded in the implementation of responsible mining practices, aligned with our core
purpose: We exist to improve life and transform the future. Together.
Readers are encouraged to examine the Group’s results, where operational achievements and
unaudited financial results are concisely summarized in the following pages – all figures are in US$
except for nickel in matte production and deliveries which are in metric tons.
For further information, please contact:
Rizky Putra, Chief Financial Officer
ptvi.investorrelation@vale.com
Vanda Kusumaningrum, Head of Corporate Communications
vanda.kusumaningrum@vale.com
visit our website at
www.vale.com/indonesia
or call us at
(+62 21) 524 9000
[ 2 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 3
PT Vale Indonesia Tbk
Production and Financial Highlights
2Q25 1Q25 1H25 1H24
Nickel in matte production1 18,557 17,027 35,584 34,774
Nickel matte deliveries1 18,023 17,096 35,119 35,680
Average realized price2 12,091 11,932 12,014 13,418
EBITDA3 40.0 51.7 91.7 124.85
Revenue3 220.2 206.5 426.7 478.7
Profit3 3.5 21.8 25.2 37.3
Earnings per share4 0.0003 0.0021 0.0024 0.0036
1
metric ton (t)
2
US$ per t
3
US$ million
4
US$
[ 3 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 4
PT Vale Indonesia Tbk
Interim Statements of Profit or Loss
and Other Comprehensive Income
(In thousands of US$ except basic earnings per share)
2Q25 1Q25 1H25 1H24
Revenue 220,214 206,525 426,739 478,750
Cost of revenue (209,568) (187,012) (396,580) (417,163)
Gross profit 10,646 19,513 30,159 61,587
Operating expenses (7,637) (7,901) (15,538) (13,670)
Other income 101 101 202 4,922
Other expenses (2,867) (2,931) (5,798) (3,965)
Operating profit 243 8,782 9,025 48,874
Share in net profit from associate 95 23 118 56
(Loss)/gain on recognition of fair
value of derivative asset - 16,570 16,570 (19,000)
Gain on recognition of fair value of
investment in associate 1,984 448 2,432 -
Finance income 7,654 7,553 15,207 18,272
Finance costs (2,038) (2,046) (4,084) (3,655)
Profit before income tax 7,938 31,330 39,268 44,547
Income tax expense (4,102) (7,113) (11,215) (7,261)
Profit for the period before
non-tax government revenue 3,836 24,217 28,053 37,286
Non-tax government revenue (383) (2,422) (2,805) -
Profit for the period 3,453 21,795 25,248 37,286
Other comprehensive
(loss)/income
Items that will not be reclassified to
profit or loss:
− Changes resulting from actuarial
remeasurement of post-
employment benefit liabilities - - - (3,544)
− Income tax on other
comprehensive income - - - 780
- - - (2,764)
Items that will be reclassified to
profit or loss:
- Currency differences from
translation of associate entity’s
financial statements 1,322 - 1,322 (740)
Total other comprehensive
loss 1,322 - 1,322 (3,504)
Total comprehensive
income for the period 4,775 21,795 26,570 33,782
[ 4 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T (62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 5
Profit for the period
attributable to:
Owners of the parent entity
3,453 21,795 25,248 37,286
Total comprehensive income for
the period attributable to:
Owners of the parent entity
4,775 21,795 26,570 33,782
Earnings per share
- Basic and diluted
(in full amount of US Dollars) 0.0003 0.0021 0.0024 0.0036
[ 5 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 6
PT Vale Indonesia Tbk
Interim Statements of Financial Position
(In thousands of US$)
June 30, March 31, December 31,
2025 2025 2024
Assets (Unaudited) (Unaudited) (Audited)
Cash and cash equivalents 506,711 601,395 674,690
Trade receivables - Related parties 93,891 87,797 84,402
Inventories 161,961 170,827 148,550
Prepaid taxes – Corporate Income Tax - 3,810 -
– Other taxes 87,906 68,154 82,756
Prepayments and advances 15,183 8,125 8,195
Other current financial assets 6,189 6,602 6,181
Total current assets 871,841 946,710 1,004,774
Restricted cash 86,650 86,650 86,650
Prepaid taxes - Corporate income tax 62,122 61,534 63,752
- Other taxes 9,159 13,286 24,169
Investments in associate 61,779 58,375 -
Investment in shares 13,186 12,934 13,270
Derivative asset 21,320 21,320 4,750
Fixed assets 2,040,467 1,978,015 1,975,092
Other non-current financial assets 3,527 3,534 4,071
Total non-current assets 2,298,210 2,235,648 2,171,754
Total assets 3,170,051 3,182,358 3,176,528
Liabilities and Equity
Trade payables - Related parties - - 239
- Third parties 154,364 153,886 170,486
Accruals 79,491 67,564 56,061
Short-term employee benefit liabilities 11,932 11,914 19,402
Taxes payable - Other taxes 2,268 5,506 4,287
Lease liabilities 4,033 4,579 5,767
Share-based payment liabilities - 242 -
Provision for asset retirement 3,085 4,282 5,497
Other current financial liabilities 1,317 1,172 1,732
Total current liabilities 256,490 249,145 263,471
Long-term post-employment benefit
Liabilities 45,532 43,365 43,613
Deferred tax liabilities 8,053 9,492 5,660
Lease liabilities 461 1,366 2,260
Provision for asset retirement 126,063 116,374 122,528
Other non-current financial liabilities 6,176 6,044 6,220
Total non-current liabilities 186,285 176,641 180,281
Total liabilities 442,775 425,786 443,752
Equity 2,727,276 2,756,572 2,732,776
Total liabilities and equity 3,170,051 3,182,358 3,176,528
[ 6 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 7
PT Vale Indonesia Tbk
Interim Statements of Cash Flows
(In thousands of US$)
2Q25 1Q25 1H25 1H24
Cash flows from operating activities
Receipts from customers 214,511 203,178 417,689 472,910
Payments to suppliers (123,839) (113,308) (237,147) (271,885)
Payments of corporate income tax (3,747) (4,753) (8,500) (45,372)
Payments of other taxes (23,073) (22,336) (45,409) (32,351)
Receipts of refunds of taxes 8,695 35,195 43,890 65,902
Payments to employees (27,039) (36,163) (63,202) (63,369)
Withdrawal of financial guarantee - - - 27,311
Receipts of finance income 7,654 7,553 15,207 18,272
Payments of royalties and levies (15,674) (13,685) (29,359) (28,259)
Net cash flows provided by operating
37,488 55,681 93,169 143,159
activities
Cash flows from investing activities
Payments for acquisition of fixed assets (96,640) (128,095) (224,735) (118,473)
Proceeds from disposal of fixed assets 23 - 23 378
Net cash flow decrease from loss of control -
of a subsidiary (880) (880) -
Net cash flows used in investing activities (96,617) (128,975) (225,592) (118,095)
Cash flows from financing activities
Payment of dividends (32,321) - (32,321) -
Payment of lease liabilities (789) (1,454) (2,243) (909)
Payments of finance costs (62) (87) (149) (231)
Issuance of new shares - - - 108,743
Net cash flows used in financing activities (33,172) (1,541) (34,713) 107,603
(92,301) (74,835) (167,136) 132,667
Net increase in cash and cash equivalents
Cash and cash equivalents at the 601,395 674,690 674,690 698,795
beginning of the period
Effect of exchange rate changes on cash (2,383) 1,540 (843) 687
and cash equivalents
Cash and cash equivalents at the end 506,711 601,395 506,711 832,149
of the period
[ 7 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Names mentioned 4 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Vale’s
p.1 ×2
unresolved
org
PT Vale’s High Sulphur Fuel Oil
p.2
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
No extraction attempted yet.