PT Vale Indonesia (INCO) is revising its work plan and budget (RKAB) to enable the additional production of approximately 2 million tons of high-grade saprolite nickel ore in the Bahodopi block, Central Sulawesi. This move supports the company’s transition from selling only nickel matte (an intermediate product) to also selling raw ore, in line with its plan to expand saprolite sales starting in early 2025. Due to an unexpected furnace outage, the company has also brought forward its planned maintenance from Q3 to Q1 2025. Operations at the Bahodopi block are expected to begin in late Q2 or early Q3 2025. So far, the company has sold around 80,000 tons of saprolite to domestic buyers, roughly 28% of the 290,000-ton quota approved for 2024. In Q1 2025, PT Vale sold 17,096 tons of nickel matte, generating $206.5 million in revenue—down from $241.8 million in the previous quarter due to lower shipment volumes and prices. Despite the decline, net profit surged to $21.79 million, up 606.6% year-over-year. EBITDA slightly decreased to $51.7 million. Capital expenditure for the quarter was $128.1 million, and as of March 31, the company held $601.4 million in cash and equivalents—an 11% drop from $674.7 million at the end of 2024.