GLOBAL FERRONICKEL NETS P2.13B

GLOBAL Ferronickel Holdings Inc. recorded a net income of P2.13 billion in the first nine months of 2022, up against last year’s P1.86 billion, despite lower volume of shipments during the period.

FNI attributed the increase in its bottom line to the group’s flagship mining project in Surigao del Norte operated by Platinum Group Metals Corp. (PGMC).

During the nine-month period, FNI’s revenues on the sale of medium-grade nickel, largely due to favorable foreign exchange rates and higher average realized price, while shipment volumes declined due to inclement weather and a lower prices for low-grade ore.

The sale of nickel ore went down to 3.150 million wet metric tons (WMT), or by 25.5 percent, compared to 4.228 million WMT of nickel ore in the same period last year. Total nickel ore shipments reached 58 against 78 shipments year on year due to erratic weather conditions registering 161 rainy days to 137 last year.

The resulting sales mix was 78 percent low-grade ore and 22 percent medium-grade ore in 2022 compared to the previous period’s mix of 81 percent low-grade ore and 19 percent medium-grade ore.

“Shipments consisted of 2.450 million WMT low-grade nickel ore and 0.700 million WMT medium-grade nickel ore compared to 3.424 million WMT low-grade nickel ore and 0.804 WMT medium-grade nickel ore in the same period in 2021,” FNI said.

FNI is a diversified Filipino company with interests in ferronickel ore mining and processing, logistics and port operations, and cement and steel production.