Improved metal prices boost Global Ferronickel earnings

INQUIRER FILE PHOTO

MANILA, Philippines — Nickel ore producer Global Ferronickel Holdings Inc. posted a net income of P177.3 million in the first quarter of this year, soaring by 1,568.2 percent, as the significant improvement in metal prices bolstered its earnings.

In a disclosure on Thursday, Global Ferronickel said its revenues had surged by 105.6 percent to P1.2 billion.

“The early shipment of medium-grade nickel ore to China sets a strong tone for the year,” Global Ferronickel President Dante Bravo said.

During the three-month period, the listed mining company shipped 505,459 wet metric tons (WMT) of nickel ore from its Palawan ore, up by 32.5 percent.

The average realized nickel ore price improved by 50 percent to $41.13 per WMT, primarily driven by favorable nickel ore prices due to constrained ore supply.

“We remain focused on process optimization and innovation to navigate market shifts and geopolitical uncertainties, and to seize growth opportunities,” said Bravo.

READ: Global Ferronickel hoping to turn profitability around in 2025