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FNI starts nickel shipments for 2022

Business

FNI starts nickel shipments for 2022

By James A. Loyola

Global Ferronickel Holdings, Inc. (FNI) reported that its wholly-owned operating subsidiary Platinum Group Metals Corporation (PGMC) has started its shipment to customers in China.

In a disclosure to the Philippine Stock Exchange, the mining firm said it has shipped 53,700 wet metric tons (WMT) of low-grade nickel ore bound for Guangdong Century Tsingshan Nickel Industry Co., Ltd. (GCTNICL).

“We are upbeat that our mining operations at PGMC have been running seamlessly from the get-go. Weather permitting, we might be able to exceed this year’s target of 5.5 WMT consisting of 60 percent low-grade ore and 40 percent medium-grade ore,” said FNI President Dante R. Bravo.

Around half of PGMC’s shipment target for 2022 has been slated for, and the rest will be open to other customers.

PGMC has a general nickel ore supply contract with GCTNICL and Baosteel Resources International Co. Ltd. for 20 and 30 shipments, respectively.

Prevailing market prices for all customers will be determined at the time of their individual order confirmation.

“We remain bullish as demand from China continues to be strong, and nickel prices have been rising in recent years. And with current global events adversely affecting oil prices, there is a greater appreciation for electric vehicles, which use nickel for their rechargeable batteries,” said Bravo.

Related Tags

Inc. (FNI) Global Ferronickel Holdings Dante Bravo

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