Core Facts
On August 3, Indonesian nickel miner Harum Energy released its Q2 2026 results. The company's first-half net profit was $36 million, up 23% year-on-year, in line with market expectations. Q2 net profit reached $28 million, up 208% quarter-on-quarter, mainly driven by an increase in high-grade nickel matte (MHP) sales, with quarterly sales of 21,000 tonnes, up about five times quarter-on-quarter. HPAL refining margins remained steady at $5,600 per tonne.
Impact Observation
On the coal side, first-half sales were weak at only 200,000 tonnes, but production gradually recovered following delays in RKAB approvals, with Q2 output rebounding to 550,000 tonnes. The company expects coal sales to recover in the second half, potentially boosting earnings amid high coal prices, but an increased DMO obligation ratio may partly offset gains. In addition, the share of internal ore rose to approximately 50-60%, which can partially offset the expected decline in MHP margins in the second half due to higher sulfur costs.