Global Ferronickel profits from Palawan ore exports
MANILA -Nickel ore exports from the Palawan mine of Global Ferronickel Holdings Inc. boosted the mining company’s earnings last year by 9 percent, as it aims to expand production in 2023.
In a statement on Monday, Ferronickel said net income grew to P2.2 billion in 2022 despite external headwinds.
“Our performance during the year showed our company’s ability to evolve and make further progress against our strategic priorities,” said Ferronickel president Dante Bravo.
The company aims to expand nickel ore production by 20 percent this year through its mine in Brooke’s Point, Palawan, which has an annual production capacity of 1.5 million wet metric tons (WMT).
This would complement the 7.5-million-WMT capacity of Ferronickel’s Surigao mine, Bravo said.
Meanwhile, revenues suffered a 13-percent decrease to P6.7 billion due to adverse weather conditions.
Extended rainy days in 2022 took a toll on the total shipped volume of nickel ore, which plunged by 24 percent to 3.735 million WMT.
This was offset by price increases of medium-grade ore and favorable foreign exchange impact, according to Ferronickel.
Overall product mix consisted of 76-percent low-grade ore and 24-percent medium-grade ore, with an average realized price slightly lower by 0.3 percent at $31.68 per WMT.
To recall, the company, through its subsidiary Ipilan Nickel Corp., completed its first ore export to China from its Palawan mine in September.
Ipilan exported 54,700 WMT of medium-grade nickel ore to Guangdong Century Tsingshan Nickel Industry Co. Ltd., which owns a 33-hectare rotary kiln-electric furnace processing facility in China. INQ
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