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FNI buys 20% of Chinese nickel alloy producer

Business

FNI buys 20% of Chinese nickel alloy producer

By James A. Loyola

Global Ferronickel Holdings, Inc. (FNI), a diversified nickel mining firm with interests in logistics, cement and steel production, and port operations, has acquired a 20 percent stake in China’s Guangdong Century Tsingshan Nickel Industry Co., Ltd. (GCTN).

In a disclosure to the Philippine Stock Exchange, FNI said it has signed the definitive agreement giving it a pivotal 20 percent stake in GCTN through the purchase of shares in GHGC Holdings, Ltd. (GHL) which owns 90 percent of GCTN.

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.

He added that, “This initiative will help manage risks, optimize value to stakeholders, and develop downstream integration of the value chain.”

To complement its expansion targets, FNI said it 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.

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