State-owned mining company PT Vale Indonesia Tbk (INCO), a member of the MIND ID holding, recorded a roughly 182% rise in year-to-date net profit in the third quarter of 2026.

Profit and revenue

Year-to-date net profit reached US$147 million, or about Rp2.67 trillion, up almost threefold from US$52 million in the same period last year. The rise was supported by revenue that grew 27% to US$896 million from US$705.4 million, mainly on higher nickel matte shipment volumes and a steadily growing contribution from nickel ore sales at the Bahodopi and Pomalaa operations.

Nickel matte production and shipments

Nickel in matte production reached 18,341 metric tonnes in 3Q26, the highest quarterly output of 2026, following major maintenance early in the year. Better equipment availability and stable plant operations supported the increase in output versus the previous quarter.

Nickel matte shipments rose to 20,158 tonnes in 3Q26 from 13,932 tonnes in 2Q26, helping offset nickel prices that still face challenges. The average realized nickel matte price was US$14,053 per tonne, compared with US$14,765 per tonne in the previous quarter.

Nickel ore sales

• Bahodopi Block: sales of 415,000 wet metric tonnes (wmt) in 3Q26, compared with 1,074,665 wmt in 2Q26, bringing the 9M26 total to 2,375,759 wmt.
• Pomalaa Block: sales of 1,314,358 wmt in 3Q26, up from 495,601 wmt in 2Q26, bringing the 9M26 total to 1,898,943 wmt.

Overall, nickel ore sales from the two blocks were about 1.73 million wmt in 3Q26.

Capital spending, cash and funding

In the first nine months of 2026, the company realized capital expenditure of about US$95 million, focused on sustaining operations while speeding up strategic projects as part of its long-term growth agenda. As of 30 September 2026, cash and cash equivalents stood at US$247 million, up significantly from US$111 million at the end of June 2026.

To support capital spending needs, PT Vale drew US$175 million from available loan facilities during 3Q26. The step is part of its funding strategy and maintains financial flexibility to support sustainable operations and the development of strategic projects.

Sources

• Laba Vale (INCO) Naik 182% Jadi US$147 Juta, Ini Penopangnya — CNBC Indonesia (Mentari Puspadini), 13 November 2026 13:53 WIB. https://www.cnbcindonesia.com/market/20261113134750-17-785016/laba-vale--inco--naik-182-jadi-us-147-juta-ini-penopangnya