Current Status and Outlook of Philippine Nickel Ore: Its Role in the Global Supply Chain and the Impact of Export Ban [Indonesia Conference]

At the 2025 Indonesia Mining Conference & Critical Metals Conference - Nickel-Cobalt-NEV Venue, Andre Mikael, Finance, Investor Relations & Sales/Vice President of Nickel Asia Corporation, shared insights on the topic of "The Current Situation and Outlook of Philippine Nickel Mines: Their Role in the Global Supply Chain and the Impact of Export Bans."

The Philippines' annual nickel ore exports amount to 40 million mt

Export breakdown:

55% is saprolite ore used in RKEF;

45% is limonite ore with high iron content (≥48%), specifically supplied for blast furnace use;

The grade of Philippine saprolite ore continues to decline.

The Philippines now exports magnesium-bearing laterite nickel ore to Indonesia

Last year, 43% of the magnesium-bearing laterite nickel ore was exported to Indonesia.

Currently, Philippine nickel ore exports account for only 6% of Indonesia's annual consumption.

All Philippine Limo-type laterite nickel ores (containing Fe) are exported to China

Export situation of Philippine Limo LG grade nickel ore

Philippine Limo ore is used in the mature low-grade NPI market, and its price is attractive to Philippine miners.

With FOB prices exceeding $20/wmt, this raw material may lack appeal to users of the HPAL process.

There are potential opportunities for Philippine nickel ores with 1.00-1.20% nickel content and iron content <40% to be supplied to HPAL plants in Indonesia.

Nickel Laterite Ore Prices (Philippines)

Philippine ore prices serve as an additional reference for Indonesia.

Ore prices are currently significantly higher than LME nickel prices.

The latest price for 1.5% nickel ore is $49.00/wmt.

NAC is an ore producer with a stable supply

The company is one of the world's largest suppliers of laterite nickel ore and the largest nickel ore producer in the Philippines

Due to the long life of its mines, nickel ore production remains stable over the long term, with Dinapigue, Bulanjao, and Manicani set to increase production in the coming years.

Conclusion

1. China and Indonesia are major players in the nickel supply chain, while the Philippines plays a supporting role.

2. The Philippines and Nickel Asia support Indonesia's supply chain by providing MG ores and have the potential to further expand this support through LG Limo ores with iron content below 40%.

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