节点：中游（冶炼、中间品）位置：中游情绪：利好参考度：5/10
雅加达，TAMBANG消息，PT Merdeka Copper Gold Tbk（MDKA）旗下子公司PT Merdeka Battery Materials（MBMA）截至2025年第三季度保持稳健运营表现。
通过其业务实体PT Sulawesi Cahaya Mineral（SCM），公司成功生产200万吨腐殖土镍矿，较前期增长89%。同时，褐铁矿镍产量增长51%，达560万吨。
MBMA总裁Teddy Oetomo在周二（11月11日）的官方声明中表示：“本季度，SCM镍矿实现显著年度增长，腐殖土产量增长89%，褐铁矿增长51%。这一增长得益于更大的开采产能及更优的运营效率。”
SCM矿还成功降低现金成本并提高利润率，体现了更高的生产力及更高效的运营规模。尽管公司面临腐殖土和褐铁矿平均销售价格（ASP）下降，以及因B40燃料使用要求导致特许..
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Despite the decrease in ASP and the increase in royalty and fuel costs, SCM managed to reduce cash costs and improve profit margins. But how sustainable is this improvement? Can the structural changes really bring long – term benefits to MBMA and the Indonesian battery raw material industry consider…