In today’s briefing:
- Vale Indonesia: First New Project Guidance, Rating Upgrade
Vale Indonesia: First New Project Guidance, Rating Upgrade
- Vale Indonesia has released the first guidance for its new projects with nickel matte to shift from 100% of revenue to 49% by 2029E, with nickel ore rising to 48%
- S&P has upgraded the company’s credit rating to BB+ from BB, placing it ahead of Indonesia’s BB- country rating and below the BBB rating of parent company Vale
- We expect a weak nickel price will weigh on the shares in early 2025, although there could be considerable long-term upside from new projects and multiples remain low
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