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Platinum Group Metals Corporation’s first shipment underway and targets 5.5M WMT for 2022
by Philippine Resources - April 22, 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 - 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 - March 30, 2022
Global Ferronickel Holdings, Inc.’s 2021 net income up 5.9% to ₱1.98B
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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Marcelle P. Villegas - November 24, 2022
Energy Transition for Oil, Gas and Coal Sectors
Most industries are dependent on fossil fuels to operate. However, in response to climate change, there is a global trend that encourages countries to join in the energy transition of using green technologies. While in theory, this strategy looks promising and feasible. However, in some countries, like in the Philippines, this is a major challenge. This was the scope of the roundtable discussion (RTD) last 4th of May 2022 during PH-EITI Conference with the Department of Finance and Department of Energy. The theme of the event was "Preparing the Extractives for Energy Transition".
Philippine Resources - November 15, 2022
Celsius obtains Social License to operate for the MCB Project
Photo credit: Celsius Resources Limited Celsius Resources Limited is pleased to announce that one of its Philippine subsidiaries, Makilala Mining Company, Inc. (“MMCI”) has obtained the consent of the Balatoc Indigenous Cultural Community (ICC) for the development of the Company’s MaalinaoCaigutan-Biyog (MCB) Copper-Gold Project (“MCB” or “the Project”). After a series of consultations and negotiations, a Memorandum of Agreement (MOA) between MMCI, the Balatoc ICC, and the National Commission on Indigenous Peoples (NCIP) was officially signed on 14 November 2022. The MOA represents the collective decision of the Balatoc ICC for MMCI to carry out exploration, development, production, and operation activities at the MCB Project area. It also outlines the commitments and obligations of all parties to the agreement as well as the economic, social, environmental, and cultural benefits of the Project to the Balatoc ICC during the life of the mine. Pasil Municipal Mayor Alfredo B. Malannag, Jr. was elated with the outcome and expressed: “This is a historical moment as it reflects the aspirations of the community for the future of the Balatoc Tribe. With MMCI at the forefront of development, our dreams of harnessing our natural resources without sacrificing our future and the environment will soon be realised. We have partnered with MMCI since their first exploration in the area in 2006 and the community has established a very good relationship with them.” Kalinga Provincial Governor James S. Edduba shared the same sentiment: “This is a happy occasion, and I am excited with the many possibilities that will happen to this community with the signing of the MOA. Growing up in the place, I can personally attest to life with and without a mining company. I was the Mayor of Pasil when Makilala Mining started their exploration. We have gone a long way and MMCI has been instrumental in the development of the community. I believe that this partnership will help develop the community further as this is such a big investment in terms of business and employment opportunities, overall progress and other benefits.” The Company considers obtaining the consent of the Balatoc ICC to be a crucial aspect for the development of the MCB Project, as it represents a social license to operate which is anchored on legitimacy, credibility, and trust. MMCI President Atty. Julito R. Sarmiento expressed: “The signing of the agreement signifies the commitment of the Company to do right by the Balatoc ICC. We have always ensured that we abide and respect the customary laws and traditions of the community in all aspects of our engagements, to demonstrate our strict adherence to Environmental, Social and Governance (ESG) principles and best practices consistent with our firm commitment to Transformative Mining.” Article courtesy of Celsius Resources
Philippine Resources - November 15, 2022
Apex Mining’s 3Q2022 RESULTS UP 277% YoY
Photo credit: Apex Mining Apex Mining Co., Inc. is enjoying the fruits of its continuous expansion program with both the 3Q2022 and 9mo2022 results at an all-time high. Production for the 3Q2022 stood at 26,962 oz for gold and 100,899 oz for silver. The volume was 35% and 15% higher, respectively, than previous year’s production. The Maco mine milled 209,585 tonnes, 14% higher YoY with daily mill throughput of 2,334 tpd with mill grades of 4.02 gpt for gold and 18.72 gpt for silver. In the 3 rd quarter, the foreign exchange rate averaged P56.62 vs P50.30 from 3Q2021 or an increase of 13%. The resulting gross revenues for the third quarter was P2.743 billion, an increase of 43.8% YoY. Consolidated net income for 3Q2022 amounted to P897.95 million vs net loss of P624.35 million for 3Q2021, a 244% increase YoY. During the 3Q2021, the Company recognized P1.1 Billion provision for impairment of property and equipment and deferred exploration costs of non-operational local and foreign subsidiaries of Monte Oro Resources & Energy, Inc, a wholly owned subsidiary of Apex. For the 9mo2022, total production was 73,219 oz gold and 291,333 oz silver or an increase of 36% and 12% respectively. Realized prices were $1,817/oz for gold and $21.62/oz for silver, a change of +2% and -13% respectively. Milling throughput for the Maco Mine Site was 601,730 tonnes or 2, 299 tpd for the 9mo2022, as compared to 514,008 tonnes or 2,017 tpd for the same period in 2021. The weighted average foreign exchange rate during the comparative period was P53.85 and P49.03 to one USD, a gap of 10%. The resulting gross revenues for the three quarters of 2022 was higher at P7.51 billion compared to the same period in 2021 at P4.99 billion. The net income (loss) for the three quarters of 2022 and 2021 was P2.46 billion and (P135.73) million. Net income grew 1,913% YoY. Disaster relief is among the cornerstones of Apex Mining’s corporate citizenship initiatives. As the third quarter was drawing to a close in September, typhoon Karding battered Luzon. In tandem with the Philippine Mine Safety and Environment Association (PMSEA), though Pusong Minero, Apex Mining’s president and CEO, Luis R. Sarmiento, ASEAN Eng., who is also the president of PMSEA, condoled with the families of the five Bulacan PDRRMO rescuers who perished while conducting rescue activities during the said tropical depression. At the Luksang Parangal of the Bulacan Provincial Advisory Group for Police Transformation and Development, the families of the late rescuers received cash assistance. Earlier, in August, the four classrooms built by the GMA Kapuso Foundation, in part through a P2M donation by the company, was turned over to the students and teachers of the Baybay Elementary School in the island of Siargao (Siargao, including Baybay Elementary School, was badly hit by typhoon Odette in December 2021). Apex Mining found itself displaying its unique brand of malaskit yet again as the final quarter of 2022 opened with typhoon Paeng wreaking havoc in regions 5, 6, 8, 12 and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). Still under the Pusong Minero program of the PMSEA, the company, together with concerned local governments, immediately deployed much needed supplies like drinking water, sleeping mats and sacks of rice to select areas badly hit by Paeng. The distribution of sleeping mats is a joint effort with the province of Davao de Oro, where Apex Mining’s Maco Mine is located. Article courtesy of Apex Mining
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