FNI Subsidiary Ore Reserves Grow
In spite of the global pandemic, Global Ferronickel Holdings Inc (FNI), the country’s second-largest nickel ore producer, has announced that as of October last year, the ore reserves of its unit Platinum Group Metals Corporation at its Cagdianao nickel expansion project grew to 59.45 million wet metric tons (WMT)
According to FNI, the growth was a 37 per cent increase from the 43.3 million WMT. The life of the mine was estimated to last at least 10 years, based on the yearly production of 6 million ore WMT.
In a disclosure, FNI President Dante Bravo said, “Continuous exploration is being conducted, especially in CAGA 2, CAGA 3, and CAGA 4, to extend the mine life further and to search for other potential resource commodities such as limestone and chromite.
The firm said that its marketable ores are shipped to China, saying that higher-grade ores will soon be shipped to Japan “when the need arises”.
In the third quarter of 2020, the net income of FNI grew by 93 per cent to P1.56 billion from P805 million within the same time last year. This was in spite of fewer vessels shipping and lower sales of nickel ore.
Revenues dropped by 2.2 per cent to P4.54 million from P4.65 million, blamed on limited shipments and lower costs of nickel ore. In January to September last year, export revenues were up by 16 per cent - P5.6 billion in total as compared to P4.8 billion.