Photo credit: Global Ferronickel Holdings
Global Ferronickel Holdings, Inc. (FNI), the country’s second-largest nickel ore producer, recorded a 5.9% net income increase of ₱1.98 billion for the year ended December 31, 2021, compared to ₱1.87 billion in the same period last year. Revenues are up by ₱445.5 million or 6.1% to ₱7.71 billion in 2021 against the ₱7.26 billion in 2020.
“2021 has been a good year for FNI as we received the Presidential Mineral Industry Environmental Award. It is the highest honor bestowed upon responsible mining companies by the Department of Environment and Natural Resources,” said FNI President Dante R. Bravo. “We are also delighted with the continued surge in nickel prices, which has allowed us to grow our top and bottom line despite having experienced relatively bad weather conditions throughout last year’s mining season.”
The bad weather constituted a lower shipment volume of 13.1% as the Group only managed to ship 90 vessels of nickel ore for a total of 4.887 million WMT in 2021 against the 103 vessels totaling 5.625 million WMT in 2020. The resulting product mix was 77% (3.761 millionWMT) low-grade ore and 23% (1.126 million WMT) medium-grade ore in 2021 versus last year’s mix of 68% (3.831 million WMT) low-grade ore and 32% (1.794 million WMT) medium-grade ore.
The overall average realized nickel ore price for the year ended December 31, 2021 was higher by 21.5%, US$31.78/WMT compared to US$26.16/WMT for the year ended December 31, 2020. Low-grade ore was 22.2% higher, US$30.07/WMT in 2021 compared to US$24.61/WMT in 2020. Medium-grade ore was 27.2% higher, US$37.47/WMT in 2021 compared to US$29.47/WMT in 2020.
“We are hoping to have more favorable weather conditions in our Cagdianao site this year to boost production, said Mr. Bravo.
Article courtesy of Global Ferronickel Holdings
