Industry Metals
Nickel Deposit Economics: Sulfide, HPAL, and RKEF/NPI Cost Curves by Route
Cost-curve analysis of nickel sulfide flotation, HPAL laterite, and RKEF/NPI processing routes, examining which operations are cash-generative and which are loss-making at depressed LME prices, and what that means for supply rationalization through 2026.
$2,50047 pages · PDF · 2.5 MB
Summary
Where a nickel unit comes from now determines whether it makes money. This report compares sulfide flotation, HPAL laterite, and the rotary-kiln route on cost, recovery, and carbon intensity, and shows how Indonesian capacity reset the global cost floor. With prices depressed, it ranks the cost curve to identify the loss-making tail and the curtailment thresholds that would rebalance the market.
Updated Nov 2025 · By Mining Terminal Research
What's inside
Table of contents
- 01Executive Summary: Cost Curve Structure and Margin Implications at Current Prices
- 02Deposit Geology and Processing-Route Selection: Why Ore Type Determines Economics
- 03Sulfide Flotation Economics: Cash Costs, Recoveries, and Grade Sensitivity
- 04Indonesian RKEF and NPI: The Cost Revolution That Reset the Global Floor
- 05HPAL Laterite Economics: Capital Intensity, Acid Consumption, and MHP Margins
- 06Nickel Matte and the Conversion Route Into Battery Sulfate
- 07Carbon Intensity by Route: RKEF, HPAL, and Sulfide Scope 1 Comparisons
- 08Western Sulfide Under Pressure: Australian and Canadian Cash-Cost Positions
- 09Industry Cost Curve: Ranking Producers and Identifying the Loss-Making Tail
- 10Supply Rationalization Scenarios: Curtailment Thresholds and Rebalancing Timelines
- 11Data Sources, Cost Methodology, and Exchange-Rate Assumptions
Charts & data tables
- ↳Nickel Deposit Economics trend dashboard (historical + forward scenarios)
- ↳Mine output versus smelter utilization dashboard
- ↳Treatment-charge trend by quarter
- ↳Warehouse inventory and spread-monitor chart
- ↳Demand split by construction, manufacturing, and power
- ↳Sensitivity matrix: price, cost, and policy variables
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