Photo credit: Global Ferronickel Holdings Global Ferronickel Holdings, Inc. (FNI) recorded a consolidated net income of ₱417.4 million for the period ended June 30, 2022. The results are driven by the April to June mining operations of Platinum Group Metals Corporation (PGMC) in Surigao del Norte, with incremental contributions from PGMC International Limited (PIL), a wholly-owned subsidiary established to facilitate relations with Chinese customers for the trading of mineral products. PGMC is the second-largest value exporter of nickel ore in the country. It is a wholly-owned subsidiary of FNI. Net income for H12022 is down 34.9% compared to the ₱640.8 million in the same period last year. Revenues also slid 15% to ₱2.21 billion for the period ended June 30, 2022 compared to the ₱2.61 billion posted during the same period last year due to lower volume of ore shipped. The Group encountered more rainy days this period totaling 128 rainy days compared to 105 rainy days during the same period in 2021. The Group only managed to complete 19 shipments of nickel ore totaling 1.035 million wet metric tons (WMT) during the six-month period ended June 30, 2022, compared to 32 shipments totaling 1.740 WMT during the same period last year. “We are hoping for better weather in Q3, during the peak of PGMC’s mining season that normally delivers more than 60% of FNI’s revenues for the year,” said FNI President Dante R. Bravo. Despite the fewer volume sold for the period ended June 2022, the Group benefited from the higher average realized foreign exchange rate this year at ₱52.60 compared to the prior period’s ₱48.24, augmenting revenues by a total of ₱177.1 million. Nickel ore prices are also higher this year with an overall average realized nickel ore price at US$39.21 per WMT, compared to last year’s period at US$31.10 per WMT, topping up revenues by ₱405.0 million. The resulting sales mix was 79% low-grade ore and 21% medium-grade ore in 2022 in contrast to the previous period’s mix of 84% low-grade ore and 16% medium-grade ore. These shipments comprise 0.816 million WMT low-grade nickel ore and 0.219 million WMT medium-grade nickel ore compared to 1.465 million WMT low-grade nickel ore and 0.275 WMT medium-grade nickel ore of the same period in 2021. “We have adjusted our 2022 shipment target to 4.0 million WMT but we still look forward to a productive and remarkable season due to the strong demand from China and favorable market conditions,” said Mr. Bravo.   Article courtesy of the Philippine Stock Exchange

Photo 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

Photo credit: Global Ferronickel Holdings Global Ferronickel Holdings, Inc. (FNI), a diversified Filipino company with interests in ferronickel ore mining and processing, logistics and port operations, and cement and steel production, recorded a net income of P2.13 billion in the nine-month period that ended September compared to the P1.86 billion it posted during the same period last year. The results are driven by the Group’s flagship mining project in Surigao del Norte operated by Platinum Group Metals Corporation (PGMC). FNI's revenues on the sale of medium-grade nickel increased on the back of favorable forex rates and higher average realized price, while shipment volumes reel from inclement weather and a lower price for low-grade ore. The sale of nickel ore for the nine-month ended September 30, 2022 slides to 3.150 million wet metric tons (WMT), lower by 1.078 million WMT or 25.5%, compared to 4.228 million WMT of nickel ore in the same period last year. The Group only completed 58 nickel ore shipments against 78 shipments during the same period last year due to erratic weather conditions registering 161 rainy days to 137 last year. The resulting sales mix was 78% low-grade ore and 22% medium-grade ore in 2022 versus the previous period’s blend of 81% low-grade ore and 19% 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. The average realized nickel ore price for the period ended September 30, 2022 is USD28.89/WMT lower by USD1.89/WMT or 6.1% compared to last year’s USD30.78/WMT. Low-grade ore is USD25.49/WMT lower by USD4.30/WMT or 14.4% against last year’s USD29.79/WMT. On the other hand, medium-grade ore stands at USD40.79/WMT higher by USD5.80/WMT or 16.6% versus last year’s USD34.99/WMT. The average realized Peso over USD exchange rate for the Group’s export revenues is P54.87 compared to P49.22 in the same period last year, higher by P5.65 or 11.5%. “Overall outlook for FNI looks reassuring. With the opening of our Palawan mineral project, we expect healthier returns for our stakeholders. Although weather conditions have not been permissive, we have continued to improve our operations and pursue our expansion plans,” said FNI President Dante R. Bravo. FNI recently disclosed its 20% stake in China's Guangdong Century Tsingshan Nickel Industry Co. Ltd (GCTN) to enhance synergies between FNI with its nickel ore mines and GCTN as an ore processor and provide a steady value-adding enterprise for the Group. As a testament to its growth and core policy to strengthen systems and processes, PGMC has received ISO certifications for its Quality Management System (ISO 9001:2015), Occupational Health and Safety Management System (ISO 45001:2018), and Environmental Management System (ISO 14001:2015) as an Integrated Management System (IMS). The certification applies to all activities in the mining operations of nickeliferous laterite ore and other associated minerals from planning to ore production, hauling, loading and port operations.