[SMM Nickel Market Flash] Viridian Metals Launches 50-Hole Drill Program at Kraken Cu-Ni Project in Labrador

South Korean aerospace materials group Spear is advancing construction of a next-generation High-Pressure Acid Leach (HPAL) nickel smelter in Indonesia, with acquisition of the project finalized earlier this year. The company is operating the Indonesian business through strategic partnerships with NIC, a globally listed minerals company, and Tsingshan Group, the world's largest nickel producer. Spear said it expects to recognize equity method gains and operational profits from the smelter going forward, alongside growth in nickel raw material distribution. Part of the 90 billion won raised through a recent CB block deal will be allocated to completing construction and funding offtake settlements for high-purity nickel output.

Australian mining executives are warning that Treasurer Jim Chalmers' proposed CGT overhaul — replacing the 50% discount with an inflation-linked rate that would nearly double tax on mining share gains — poses a structural threat to junior exploration funding. Junior resources companies rely heavily on retail investors, as institutional funds largely avoid the sector due to high failure risk; tighter CGT terms would reduce risk capital, leading to fewer discoveries and a thinner project pipeline. The industry is lobbying for junior explorers to be included in any start-up CGT carve-out, drawing comparisons to the 2010 resources super profits tax row that destabilised the Rudd government. Chalmers acknowledged industry concern but stopped short of a sector-specific commitment.

Belgian materials group Umicore has released an analysis positioning its nickel recycling capabilities as central to European raw material autonomy. The company operates a pilot battery recycling plant in Hoboken, Belgium, that recovers more than 95% of nickel from end-of-life batteries, and says its R&D is focused on more efficient refining and recycling to support a secure European supply chain. Umicore's chief metallurgist for nickel and cobalt noted that supply is becoming increasingly complex due to geopolitical and environmental pressures. The release aligns Umicore's commercial positioning with EU 2030 targets for domestic nickel extraction, processing, and recycling, as Europe seeks to reduce dependence on Asian-controlled primary supply.