[SMM Nickel Market Flash] IGO Exits Nickel: Zero Residual Resources to Be Reported After Nova Is Mined Out

Glencore marked first ore and shaft completion at its Onaping Depth nickel-copper project in Sudbury, Ontario at an August 27 event, according to Canadian media. The shaft was driven from the bottom of the former Craig Mine and now connects surface to the orebody about 2,600 m down, the deepest Glencore has gone in Sudbury; first stopes are prepared and ore can be extracted for the first time. Sudbury INO vice-president Zachary Mayer called these steps towards ramp-up and project completion in 2027. Representing about C$2bn of investment since construction began in 2019, the mine is expected to produce 1m t/yr of ore and, over its life, 280 kt of nickel and 145 kt of copper, extending Sudbury Basin nickel output beyond 2040 with around 400 permanent jobs.

Canada Nickel (TSXV: CNC) said on August 12 it had upsized a non-brokered private placement from C$15m to gross proceeds of up to C$21m on strong investor demand, comprising up to 14m units at C$1.50, each with one share and half a warrant exercisable at C$2.25 for 36 months. Proceeds are earmarked for permitting and engineering work, repayment of outstanding debt and working capital, supporting detailed engineering and long-lead equipment orders for the Crawford nickel-cobalt sulphide project in Ontario's Timmins district. The raise follows the federal decision statement Crawford received under Canada's amended Impact Assessment Act. SMM said the sum is small against Crawford's roughly US$2bn capital need, and covers pre-build work rather than construction itself.

Indonesian state miner PT Aneka Tambang (IDX: ANTM) posted H1 2026 net profit of Rp6.91tn (~US$435m), up 34% YoY, with EBITDA up 35% to Rp9.62tn and operating profit up 38% to Rp8.44tn, per its exchange filing dated August 29. Net revenue rose 6% to Rp62.71tn, of which gold contributed 80% at Rp50.39tn. The nickel division grew faster in percentage terms: ferronickel and nickel ore sales rose 32% to Rp10.41tn, or 17% of group revenue. Antam produced 7.78m wmt of nickel ore and delivered 6.77m wmt to regional smelters, while ferronickel output reached 7,788 t Ni contained. Cash and equivalents stood at Rp9.23tn.