Global Ferronickel Holdings, Inc.’s 2021 net income up 5.9% to ₱1.98B
by Philippine Resources - March 30, 2022
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
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Philippine Resources - August 17, 2021
Global Ferronickel Holdings, Inc.’s H1 net income more than triples to P640.8 million
Global Ferronickel Holdings, Inc. (FNI), the country’s second-largest nickel ore producer, recorded H1 net income of P640.8 million against the P195.8 million it posted during the same period last year. Revenues are up by 68.9% to P2.61 billion compared to P1.54 billion during the same period last year mainly due to higher nickel ore prices and increased shipment volume. “We garnered more favorable results this year as the market experienced a big jump in the price of low-grade nickel ore. We did not experience a stoppage of operations as what happened in April last year,” said FNI President Dante R. Bravo. The Group completed 32 nickel ore shipments in H1 2021 against 23 shipments during the same period last year resulting in a 38.3% increase in shipment volume to 1.740 million WMT against the 1.258 million WMT in 2020. These were 100% exported to China and consisted of 1.465 million WMT low-grade nickel ore and 0.275 million WMT medium-grade nickel ore. The resulting sales mix is 84% low-grade ore and 16% medium-grade ore in 2021 compared to 52% low-grade ore and 48% medium-grade ore in the previous year. The overall average realized nickel ore price for the period ending 30 June 2021 was USD 31.10/WMT compared to USD 24.38/WMT for the period ending 30 June 2020, higher by USD 6.72/WMT or 27.6%. The price of low-grade ore went up by 61.7% to USD 31.01/WMT in 2021 against the 2020 price of USD 19.18/ WMT. Medium-grade ore, on the other hand, was USD 31.58/WMT or 5.2% higher than the 2020 price of USD 30.03/WMT. To date, FNI has spent over 35 million pesos on its COVID-19 response. It works closely with various local government units in helping the local communities combat the spread of the virus and providing relief during this time of need. It has donated PPE supplies, test kits, disinfectants, vitamins, medical equipment, medical services, rice and other essential goods, and participated in building a molecular laboratory in Surigao and a COVID-19 test center in Palawan.
Philippine Resources - December 17, 2021
Global Ferronickel Holdings, Inc.’s net income in the first 3 quarters up 19.4% to P1.86 billion
Photo credit: Global Ferronickel Holdings Global Ferronickel Holdings, Inc. (FNI), the country’s second-largest nickel ore producer, recorded Q3 net income of P1.22B in 2021 against the P1.36B it posted during the same period last year. This brought total earnings for the first three quarters of the year to P1.86 billion, up 19.4% from the P1.56 billion it posted during the same period last year. Revenues for the first nine months of the year are up 15.3% to P6.41 billion compared to the P5.55 billion during the same period in 2020 buoyed by the higher prices of nickel ore. The sale of nickel ore for the nine months ended September 30, 2021 was 4.228 million WMT, lower by 0.151 million WMT or 3.4%, compared to 4.379 million WMT of nickel ore in the nine months ended September 30, 2020. This is mainly due to bad weather conditions, which allowed the Group to only ship 78 vessels of nickel ore against the 80 vessels during the same period last year. The resulting sales mix was 81% low-grade ore and 19% medium-grade ore in 2021 versus the previous period’s mix of 59% low-grade ore and 41% medium-grade ore. These were exported 100% to China and consisted of 3.424 million WMT low-grade nickel ore and 0.804 million WMT medium-grade nickel ore compared to 2.588 million WMT low-grade nickel ore and 1.791 WMT medium-grade nickel ore for the same period in 2020. “We are happy with the results. Despite the heavy rains hampering operations and more expensive fuel prices, the continued rise of nickel ore prices driven by the strong demand from China will augur well for the industry,” said FNI President Dante R. Bravo. The overall average realized nickel ore price for the period ended 30 September 2021 was US$30.78/WMT compared to US$25.56/WMT for the period ended 30 September 2020, higher by US$5.22/WMT or 20.4%. The price of low-grade ore went up by 35.4% to US$29.79/WMT in 2021 against the 2020 price of US$22.01/ WMT. Medium-grade ore, on the other hand, was US$34.99/WMT or 14.0% higher than the 2020 price of US$30.69/WMT. Article courtesy of the Philippine Stock Exchange
Philippine Resources - April 22, 2022
Platinum Group Metals Corporation’s first shipment underway and targets 5.5M WMT for 2022
Photo credit: Global Ferronickel Holdings, Inc. Global Ferronickel Holdings, Inc. (FNI) is off to a strong start as Platinum Group Metals Corporation (PGMC) begins its shipment to customers in China with 53,700 WMT of low-grade nickel ore bound for Guangdong Century Tsingshan Nickel Industry Co., Ltd. (GCTNICL). PGMC is the second-largest value exporter of nickel ore in the country. It is a wholly-owned subsidiary of FNI. “We are upbeat that our mining operations at PGMC have been running seamlessly from the get-go. Weather permitting, we might be able to exceed this year’s target of 5.5 WMT consisting of 60% low-grade ore and 40% medium-grade ore,” said FNI President Dante R. Bravo. Around half of PGMC’s shipment target for 2022 has been slated for, and the rest will be open to other customers. PGMC has a general nickel ore supply contract with GCTNICL and Baosteel Resources International Co. Ltd. for 20 and 30 shipments, respectively. Prevailing market prices for all customers will be determined at the time of their individual order confirmation. “We remain bullish as demand from China continues to be strong, and nickel prices have been rising in recent years. And with current global events adversely affecting oil prices, there is a greater appreciation for electric vehicles, which use nickel for their rechargeable batteries,” said Mr. Bravo. Article courtesy of the Philippine Stock Exchange
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Philippine Resources - March 23, 2023
20 Years of Integral: Celebrating Growth and Transformation
Integral, a purveyor of market-leading process control solutions in the Philippines, celebrates its 20th anniversary this 2023. The event, held in EDSA Shangri-La, was attended by the company’s employees, clients, and supply chain partners. The celebration was a showcase of Integral’s history. But more importantly, it highlighted lessons the company learned as keys to success over the past two decades. As told from the perspective of the founders and employees, the event delivered a playful yet heart-warming glimpse into Integral's journey.
Philippine Resources - March 23, 2023
PH, Australia partner for technical cooperation for PPP
Photo: Australian Ambassador to the Philippines Hae Kyong Yu PSM. Credit: AusAmbPH Twitter Page As the Marcos administration becomes bullish in utilizing a public-private partnership (PPP) model in infrastructure projects, the Australian government will be providing its technical expertise in rolling out infrastructure projects under the PPP. Australian Ambassador to the Philippines Hae Kyong Yu PSM told the Philippine News Agency in an interview at her residence Wednesday that the embassy will be launching the Partnerships for Infrastructure (P4I) on March 24. “Infrastructure is a big area that the Philippines is focusing on, and I know President (Ferdinand R.) Marcos (Jr.) has announced that he wants to utilize PPP more where it’s possible. So we are working closely with the Philippine government to share with them how Australia has done it,” Yu said. P4I is an Australian government initiative that brings together experts from the public and private sectors as well as the academe to help Philippine government agencies involved in infrastructure development in the preparation stage of projects that would be under a PPP model. “We can help them with all the project preparation stage. How you do actual cost-benefit analysis of potential projects, and then how you prepare documents for possible procurement, tender processes, and things like that,” the envoy cited. She said that aside from the PPP Center, the P4I also aims to closely work with other agencies including the Department of Transportation, the Department of Energy, the Department of Finance, and the National Economic and Development Authority (NEDA), among others. Yu added that the Australian government will be closely working with the administration through the P4I in meeting its diverse infrastructure requirements, including roads, transport, energy, and public investment management. The Australian envoy said a number of Australian companies have been involved in infrastructure projects in the country. Early this month, NEDA Secretary Arsenio Balisacan announced that the NEDA Board approved PHP9 trillion worth of flagship infrastructure projects, with 45 of these projects possibly being funded through PPPs. “The government shall harness the financial and technical resources of the private sector, which allows the public sector to allocate its funds for greater investment in human capital development, especially to address the scarring in health and education due to the pandemic, and provided targeted assistance that protects vulnerable sectors from economic shocks,” Balisacan had said. By Kris Crismundo Article courtesy of the Philippine News Agency
Philippine Resources - March 21, 2023
PBBM boosts transport sector thru big-ticket projects
Photo credit: Department of Transportation Several big-ticket infrastructure projects in the transportation sector have been approved or are already being implemented by the administration of President Ferdinand R. Marcos Jr., the Department of Transportation (DOTr) reported Monday. In a statement, the DOTr said the Cebu Bus Rapid Transit Project, Davao Public Transport Modernization Project, EDSA Greenways, the Light Rail Transit Line 2 (LRT-2) West Extension, and the Light Rail Transit Line 1 (LRT-1) Cavite Extension are all ongoing as of March 9 according to the National Economic and Development Authority (NEDA). These projects are among the 67 infrastructure flagship projects (IFP) that have been greenlit or are already underway out of the 194 high-impact projects under Marcos’ "Build Better More" program. In the rail sector, these approved and ongoing projects include the Metro Manila Subway Phase 1, Mindanao Rail Phase 1, Metro Rail Transit Line 3 (MRT-3) rehabilitation, Metro Rail Transit Line 4 (MRT-4), Metro Rail Transit Line 7 (MRT-7), New Cebu International Container Port, New Manila International Airport (Bulacan International Airport), North-South Commuter Railway (NSCR), Philippine National Railways (PNR) South Long Haul, and the Subic Clark Railway. The New Dumaguete Airport Development Project (Bacong International Airport) and the Integrated Flood Resilience and Adaptation (InFRA) Phase 1 have also both been approved by NEDA, with six projects awaiting approval. Last week, the NEDA Board, led by Marcos, approved 194 high-impact priority projects with a total cost of around PHP9 trillion. The board also approved amendments to the 2013 Joint Venture guidelines to support the government’s push for more investments in the country’s infrastructure. PNR suspension Meanwhile, Senate President Pro Tempore Loren Legarda has expressed alarm over an impending suspension of select PNR routes due to the NSCR, saying it will affect thousands of commuters, mostly students and workers. “The welfare of the riding public should always be prioritized yet it remains to be seen whether such proposed solutions would effectively and sufficiently address the riding public's urgent demands in time for the imminent suspension of the operations of the PNR,“ Legarda said in her explanatory note on Senate Resolution No. 546. The PNR plans to suspend operations of certain routes for up to five years to facilitate the faster construction of the 55-kilometer NSCR. The construction will start in May and PNR may suspend the routes between Governor Pascual in Malabon City and Calamba City in Laguna, and well as Alabang, Muntinlupa City to Calamba. The Tutuban, Manila-Alabang route will be suspended in October and will affect between 20,000 and 25-000 passengers daily. Legarda urged the Committee on Public Order, chaired by Senator Grace Poe, to look into the impending suspension and come up with alternative solutions. Article courtesy of the Philippine News Agency
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