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Nickel 28 Releases Ramu Q1 Operating Performance
Toronto, Ontario--(Newsfile Corp. - April 28, 2025) - Nickel 28 Capital Corp. (TSXV: NKL) (FSE: ...
About this update from Nickel 28 Capital Corp
[{"type":"text","content":"Nickel 28 Releases Ramu Q1 Operating PerformanceToronto, Ontario--(Newsfile Corp. - April 28, 2025) - Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) (\"Nickel 28\" or the \"Company\") is pleased to provide operational results for the quarter ending March 31, 2025 for the Company's largest asset; the Ramu Nickel-Cobalt (\"Ramu\") integrated operation in Papua New Guinea. Nickel 28 currently holds an 8.56% joint-venture interest in Ramu which is operated by the Metallurgical Corporation of China (\"MCC\").Q1 2025 Ramu Highlights:Production of 6,970 tonnes of contained nickel in Mixed Hydroxide Precipitate (\"MHP\"), compared to 8,282 tonnes in the same period last year. Production of 648 tonnes of contained cobalt in MHP, compared to 767 tonnes in the same period last year.Nickel sales of 6,133 tonnes of contained nickel, compared to 8,864 tonnes in the same period last year. Nickel inventory on hand at quarter end was 4,134 tonnes of nickel in MHP.Cobalt sales of 569 tonnes of contained cobalt, compared to 822 tonnes in the same period last year.LME average nickel price of US$7.06/lb in Q1 2025, a decrease of 6% from the same period last year.Average cobalt price of US$11.09/lb. in Q1 2025 a decrease of 18% from the same period last year.Production costs, net of by-product credits were US$3.61/lb. of nickel produced as MHP, compared to US$3.00/lb in the same period last year, an increase year over year of 20%.All production decreases and cost increases are attributed to the production curtailment in January 2025 and part of February 2025 due to the acid plan blower fan failure, and subsequent reduced production for the period the acid plant was offline.Nickel 28's Chief Executive Officer, Craig Lennon stated: \"The first part of Q1 2025 was impacted by one of the two acid plants being offline, impacting production and sales by approximately 20% and increasing unit costs by about the same percentage. However, at the end of Q1 2025 and after the fan blower was repaired and the acid plant returned to full production, the operation performed at record operating levels. Part of the high performance exiting the fan repair is also due to the capital improvement projects undertaken in the planned shutdown late last year. It can be seen that as a result of these capital upgrades, the Ramu plant can consistently run at or slightly above d...