【SMM Nickel Flash News】In the second quarter of 2025, PT Merdeka Battery Materials Tbk. (“MBMA”) reported strong performance in its nickel operations, with sustained growth expected in the coming years. The SCM mine recorded significant year-on-year growth, with saprolite output surging 187% and limonite rising 39%, driven by improved efficiency and lower costs. Nickel pig iron (NPI) margins further expanded due to increased vertical integration and operational optimization. Project development progressed steadily, with the AIM plant operating smoothly and copper cathode production on track for the third quarter of 2025. PT ESG increased mixed hydroxide precipitate (MHP) output to 6,080 tonnes, with 9,465 tonnes sold during the quarter, while construction of the PT SLNC high-pressure acid leach (HPAL) plant advanced as planned, reaching 29% completion by the end of the quarter.