OKBET GLOBAL ISSUE TODAY

The initial shipment of nickel ore to China was sent by a subsidiary of the mining company Global Ferronickel Holdings Inc. (FNI), which recently finished its first export.

Ipilan Nickel Corp. (INC), an associate of FNI, has supplied the Chinese mining company Guangdong Century Tsingshan Nickel Industry Co. Ltd. with 54,700 wet metric tons (WMT) of medium-grade nickel ore (GCTN).

The source of the shipment of nickel ore was disclosed by FNI to the stock exchange as having originated from INC’s mining location in Brooke’s Point, Palawan, which spans 2,835 hectares. This has a mine life of at least ten years and an annual production rate of 1.5 million WMT of medium- to high-grade nickel ore. It is covered by a mineral production sharing agreement with the government.

According to FNI, GCTN, which has been a customer of FNI’s subsidiary in Surigao, Platinum Group Metals Corp., for a very long time, is interested in establishing a strong partnership with INC.

“After years of careful planning and regulatory compliance, this inaugural shipment is a remarkable milestone for our group and bodes well for the country’s economic and social governance goals at this critical time,” said Joseph Sy, the chair of the FNI. “This inaugural shipment bodes well for the country’s economic and social governance goals at this critical time.”

OKBet Issue Today | A division of FNI enters the Chinese nickel ore market
Massive Sulfide Nickel Ore Rock

“The target for the year is 500,000 WMT, with greater production in the coming years as we commence year-round operations,” stated Sy. “Our operations will be ongoing throughout the year.”

In a similar vein, INC has identified the development of infrastructure as its key priority, and to that end, they have built a mini-hydro power plant as well as farm-to-market highways.

“We are pleased of this development because it paves the way for the ideal pursuit of our social development and environmental protection goals, and we believe that this achievement deserves recognition. “With a variety of socio-civic activities already in place from the very beginning of our operations, INC is now in a position to score big in terms of community participation,” Sy remarked.

FNI

FNI reported a net income of P417.4 million for the first semester, which is 34.9% lower than the P640.8 million it made during the same time period in the previous year.

As a result of a decreased volume of ore shipment, the company’s revenues dropped by 15 percent to a total of P2.21 billion.

FNI’s mining operations in the Surigao mine, along with the incremental contribution from another subsidiary, PGMC International Ltd., were the primary driver of the company’s financial performance during the time in question.

Because of the robust demand coming from China as well as the favorable market conditions, the company had previously stated that it was “looking forward to a busy and outstanding season.” The company aims to ship out 4 million WMT of nickel ore this year, despite the fact that this target is significantly lower than the company’s original goal of 5.5 million WMT.

Only 19 shipments of nickel ore were successfully completed by FNI during the first half of 2022, which resulted in a total volume of 1.035 million WMT. The company exported 1.74 million WMT of nickel ore over the same semester as the previous year.

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