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FNI’s Ipilan Nickel Project marks major milestone with maiden shipment of nickel ore

by Philippine Resources - September 20, 2022

Photo credit: Global Ferronickel Holdings

Ipilan Nickel Corporation (INC), an affiliate of Global Ferronickel Holdings, Inc. (FNI), announces the successful completion of its maiden shipment of ore today from its mine site in Brooke’s Point, Palawan. With 54,700 Wet Metric Tons of medium-grade nickel ore loaded aboard M/V He Sheng Nan Fang, INC declared anchors aweigh for its first export en route to Guangdong Century Tsingshan Nickel Industry Co., Ltd in China (GCTN). A long-standing customer of FNI’s Surigao-based Platinum Group Metals Corporation (PGMC), GCTN is looking forward to building a solid relationship with INC.

“After years of careful planning and regulatory compliance, this inaugural shipment is a remarkable milestone for our Group and bodes well for the country’s economic and social governance goals at this critical time. Target for the year is 500,000 WMT, with increased production in the coming years, as we begin year-round operations,” said FNI Chairman Joseph C. Sy.

Under its Mineral Production Sharing Agreement (MPSA) with the government, INC is authorized to engage in the exploration, development and utilization for commercial purposes of nickel and other mineral deposits in the Municipality of Brooke’s Point, Palawan, with an area of 2,835 hectares. Estimated mine life is at least ten years, with an annual production rate of 1.5 million WMT of medium- to high-grade nickel ores. INC employs more than 1,300 personnel, mainly from the local community and nearby areas.

“We are proud of this development because it sets the tone for the optimal pursuit of our social development and environmental protection objectives. INC can now roll up the score in community engagement with various socio-civic initiatives in place from the beginning of our operations,” added Mr. Sy.

These projects include support for education, wellness, and livelihood development through scholarship grants, donation of school supplies, rice harvesters, fishing boats and implements, a brand new ambulance, medicines and other health essentials, construction of covered courts, daycare center, and health facility, allowances for teachers, barangay health workers and a community doctor, feeding programs, medical missions, livestock and rice farming assistance, and installation of solar dryers. INC has also tagged infrastructure as its primary focus with the establishment of a mini-hydro power plant and farm-to-market roads. During calamities, INC came in as one of the first responders, allotting over two million pesos worth of food and water supplies to those affected by Typhoon Odette and 12 million pesos more in medical equipment and sacks of rice at the height of the pandemic.

 

Article courtesy of Global Ferronickel Holdings


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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

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