Global Ferronickel Holdings, Inc. signs purchase agreement with Baosteel Resources for 1.5 million WMT

By: Philippine Resources March 21, 2023

Photo credit: Global Ferronickel Holdings

Global Ferronickel Holdings, Inc. (FNI), has just signed an Annual Purchase Agreement with Baosteel Resources International Co. Ltd. for the supply of 1.5 million WMT of nickel ore for the 2023 mining season. The nickel ore will be coming from FNI’s operating mines in Surigao del Norte and Palawan, operated by Platinum Group Metals Corporation (PGMC) and Ipilan Nickel Corporation (INC), respectively.

“Our two operating mines have given us the ability to undertake year-round production to better support the growing demand from China. The easing of COVID-19 restrictions and the robust growth of China’s property sector that is driving the need for stainless steel will help boost the nickel industry,” said Dante R. Bravo, FNI President.

Should stockpile inventory permit, one-third of the shipment will be composed of lowgrade nickel ore with 0.90% nickel content and 49% iron content while the remainder will be medium- to high- grade nickel ore with 1.30%-1.60% nickel content and 15%- 25% iron content. The selling price of each shipment will be set on a monthly basis according to the prevailing market price at the time of price setting.

Baosteel Resources International Co., Ltd. is a wholly owned subsidiary of the top Chinese steel manufacturing corporation China Baowu Steel Group and is engaged in the business of mineral resource investment, trading, and logistics services. Notably, the company highly specializes on trading of metallurgic raw material with annual volume of over 60 million tons covering a vast range of products such as iron, ore, coal, alloys, non-ferrous metals, ferrous scraps, metallurgical flux, etc. Baosteel Resources maintains over 100 overseas suppliers and over 40 overseas clients. The Company’s headquarters is located in Hong Kong with footprints in Australia, Singapore, South Africa, Indonesia, and several others.

 

Article courtesy of the Philippine Stock Exchange


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