Photo credit: Inquirer
Global Ferronickel Holdings, Inc. (FNI), a diversified Filipino company with interests in nickel ore mining, logistics, cement and steel production, and port operations, on Friday signed the definitive agreement giving it a pivotal 20% stake in Guangdong Century Tsingshan Nickel Industry Co., Ltd. (GCTN) through the purchase of shares in GHGC Holdings, Ltd. (GHL). GHL owns 90% of the GCTN stock portfolio.
GCTN is a nickel alloy enterprise in China operating one of the world’s advanced smelters with RKEF technology in a 33-hectare facility employing over 600 employees. The plant uses a rotary kiln technology that produces about 28,000 tons of pure nickel annually. GCTN caters to customers in Guangdong’s Economic and Technological Development Zones and abroad.
“The acquisition is expected to create reliable and consistent synergies between FNI as a nickel ore supplier and GCTN as a value-added processor, and support our ongoing diversification projects to boost profitability,” said FNI President Dante R. Bravo.
This initiative will help manage risks, optimize value to stakeholders, and develop downstream integration of the value chain.
To complement its expansion targets, the Company continues to pursue investments in high-growth firms and industries that can enhance operational and cost efficiencies.
FNI counts Platinum Group Metals Corporation (PGMC) as a subsidiary and Ipilan Nickel Corporation (INC) as an affiliate. PGMC is a leading nickel ore producer, while INC has just conducted its maiden shipment of nickel ore to China.
Article courtesy of the Philippine Stock Exchange
