Lygend posts higher nickel profits in 1H as Indonesia capacity ramps

Lygend Cobalt Mining

Lygend posts higher nickel profits in 1H on rapid capacity ramp-up. Lygend posts higher nickel profits in 1H as revenue rises 67%. As a result, Lygend posts higher nickel profits in 1H while expanding HPAL and RKEF projects.

Indonesia growth drives earnings

Lygend’s operating income rose 67% to 18.15bn yuan in January–June. Profit more than doubled to 1.43bn yuan. The company cited the ramp-up of new capacity. It did not disclose output figures. However, stronger project execution clearly supported margins. Investors will focus on volume disclosure next.

HPAL and RKEF projects advance on schedule

The ONC HPAL Phase 3 remains on track this year. It targets 65,000 t/yr nickel metal equivalent as MHP at nameplate. Meanwhile, the KPS RKEF Phase 2 already started production. Four lines are running now at the Indonesian site. The project plans eight further lines by early 2026. Four lines arrive in 2H 2025, and four in 1Q 2026. Designed capacity is 185,000 t/yr NPI.

The Metalnomist Commentary

Lygend’s profits reflect disciplined execution across HPAL and RKEF. The staggered line commissioning reduces ramp risk and smooths cash flow. Watch MHP-NPI price spreads and Indonesian policy as key drivers of 2026 earnings.