Steel Manufacturing Facility to Start Construction Next Year
Despite the delays of the lockdown, the construction of a $50-million steel manufacturing facility in Bataan province will still push through by the 1st quarter of 2021, said Global Ferronickel Inc (GFNI) President Dante Bravo.
The mining firm teamed up with Hong Kong-based Huarong Asia Limited for the project. Once completed, the project will have an annual output of 600,000 metric tons.
“We hope to complete the construction at the end of 2021 and hopefully it will start contributing to the company’s earnings in 2022,” Bravo said.
Meanwhile, the Philippine Nickel Industry Association (PNIA) expects local nickel producers to reach 40 to 45 million metric tons this year.
According to Marcventures Holdings Inc. president Isidro Alcantara Jr, the nickel producers have ramped up production to keep in line with the high nickel prices. He said the cost for nickel started to go up following Indonesia’s ban and China’s strong economic recovery. “In 2019, the industry exported 40 to 45 million tons. Maybe, the expectation is lower this year but considering the nickel prices which are to the roof, many mining companies will be working double-time with their production,” Alcantara said. “The uptrend in nickel prices was expected to continue next year.”
In the first eight months of the year, the PNIA has planted more than 6 million trees in their respected communities in line with the environmental protection and enhancement program. - despite the pandemic.
Aside from GFNI, other members of PNIA are Agata Mining Ventures Inc., Berong Nickel Corp., Carrascal Nickel Corp., Citinickel Mines and Development Corp., CTP Construction and Mining Corp., Marcventures Holdings Inc. and Zambales Diversified Metals Corp.