[SMM Analysis] Spot Costs Rebounded Significantly, Nickel Salt Prices Rose

Nickel 28 Capital Corp. said on April 15 that the operator of Papua New Guinea's Ramu nickel-cobalt project has submitted a Phase 2 expansion plan to the country's Mineral Resources Authority. The $1.6 billion project could double Ramu's capacity if completed, but still requires government approval of mining leases and permits. Under the joint venture agreement, majority shareholder MCC must make a fair-market-value buyout offer to minority shareholders including Nickel 28. Minority holders who decline can either fund their share of expansion costs or face gradual equity dilution. CEO Craig Lennon said Ramu's operations are stable and MCC is experienced. The company will evaluate all options under the agreement to maximize shareholder value.

The Indonesian Ministry of Energy and Mineral Resources (ESDM) has announced that as of mid-April 2026, approximately 90% of the 2026 Work Plan and Budget (RKAB) submissions for nickel and coal have been approved. Director General of Minerals and Coal, Tri Winarno, stated that the remaining 10% are still pending primarily due to incomplete administrative requirements during the submission process