Vale Indonesia’s Nickel-Ore Sales Expected to Drive Growth in 2025

Vale Indonesia’s new nickel-ore sales initiatives are anticipated to be a key growth driver in 2025, according to a research report by Nomura's Ahmad Maghfur Usman and Verdhana Sekuritas analysts. The company has disclosed improved feasibility for its upstream mine and high-pressure acid leach (HPAL) projects, with a planned gross investment of $8.6 billion.

Nomura projects that ore sales could contribute to a three-year revenue compound annual growth rate (CAGR) of 29%. Vale Indonesia’s limonite ore is set to supply four new HPAL facilities, which are scheduled to commence operations by late 2026.

Given these positive developments, Nomura has upgraded Vale Indonesia’s stock rating to "buy" from "neutral," while maintaining a target price of IDR4,000.00.