UNTR – Started to see results in the nickel mining segment

UNTR – Started to see results in the nickel mining segment United Tractors (UNTR) posted nickel ore sales volume of 598,343 wet metric tons (wmt) in 4M24, consisting of 291k wmt saprolite and 309k wmt limonite. Note that, UNTR's nickel mining segment includes Stragate Pacific Resources (SPR) and Nickel Industries Limited (NIL). Throughout 1Q24, SPR posted nickel ore sales of 383k wmt, consisting of 203k wmt saprolite and 180k limonite. It is estimated that the SPR mine will produce 3-4 mn tons of nickel ore per year in the next 2 years. Meanwhile, equity income from NIC is still pending due to differences in work reporting periods. On the financial side, UNTR posted revenue from the gold and other minerals segment worth IDR1.82 tn in 4M24. UNTR posted a decreasing gold sales of 66,870 ounces (-12.37% yoy) in 4M24, in line with no gold sales in January-February 2024. Komatsu's heavy equipment sales volume also decreased by 1,400 units. However, the mining contractor segment and coal sales which posted an increase in coal production volume of 44 mn tons (+19.24% yoy) with an overburden volume of 384.1 mn bcm. Furthermore, coal sales were recorded at 5.26 mn tons (+22.68% yoy) in 4M24. (Source : Bisnis Indonesia)