[SMM Nickel Market Flash] IGO Cuts Nickel Price Assumption but Lifts Cobalt 72% in FY26 Reserve Valuation

Published: Aug 28, 2026 13:57 (GMT+8)

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In its FY26 Mineral Resources and Ore Reserves report released August 27, Australia's IGO disclosed the metal price assumptions set in March 2026 for valuing its Nova nickel operation: nickel at US$16,420/t, down 3% YoY in USD and down 11% in AUD terms; cobalt raised sharply to US$49,770/t, up 72%; and copper at US$12,070/t, up 26%. The AUD:USD rate assumption rose from 0.63 to 0.70. The figures are p50 forecasts from Consensus Economics, applied to both resource and reserve economics.

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