BUZZ-Jefferies lowers PT on Indonesia-focussed Nickel Industries on royalty structure

Reuters

Mar 12, 2025

BUZZ-Jefferies lowers PT on Indonesia-focussed Nickel Industries on royalty structure

** Analysts at Jefferies lower price target on Australia's Nickel Industries NIC.AX to A$0.65 from A$0.80; maintain "hold" rating on stock

** The Indonesia-focussed miner slumped nearly 30% on Tuesday after reports that Indonesia is mulling raising royalties paid by mining companies from commodities like coal, nickel and copper, among others

** Brokerage says the proposed changes to Indonesia's royalty structure would see a drop of 15% in long-term earnings from current NIC projects

** Heightened geopolitical and policy instability has eroded our confidence in NIC's earnings visibility and growth outlook, says brokerage

** Jefferies flags that decreased visibility on project earnings outlook and increased policy volatility could see reduced investment in Indonesia nickel supply

** Increasing risk of working capital build, soft nickel prices and decreasing liquidity over 2025 are near-term headwinds — Jefferies

** Stock down 26.7% YTD

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com))

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