Platinum Group Metals Corporation (PGMC), the Cagdianao Mine of Global Ferronickel Holdings, Inc. (FNI) in Surigao del Norte, has started nickel ore shipments to customers in China. In a disclosure to the Philippine Stock Exchange, FNI said the first shipment of the 2023 mining season, consisting of 55,300 WMT of low-grade nickel ore with 1.20 percent nickel content, departed PGMC's anchorage area on April 24, 2023, following the completion of its loading. China remains the world's largest consumer of nickel, and the easing of COVID-19 restrictions, the robust property sector, and the rise in electric vehicle production are expected to boost demand further. As such, FNI is optimistic about the prospects of the nickel market and is confident in its ability to meet the needs of its customers. "We hope to complete 91 shipments for the year, totaling five million WMT, weather permitting. This year's target volume will enable us to operate at maximum efficiency throughout the season which runs from March to October," said FNI President Dante R. Bravo. The projected sales mix will consist of 60 percent medium-grade nickel ore and 40 percent low-grade nickel ore. FNI said it is committed to maintaining its position as one of the country's leading nickel ore producers and contributing to the growth of the Philippine mining industry.” The firm reported a 9 percent improvement in net income to P2.2 billion in 2022 despite lower production due to bad weather last year. “Our performance during the year showed our Company’s ability to evolve and make further progress against our strategic priorities,” said Bravo. He added that, “Most notably, we completed the commissioning and started commercial export of nickel ore from our mine in Palawan.” “We also completed the acquisition of a 20 percent stake in Guangdong Century Tsingshan Nickel Industry Co. Ltd (GCTN), the owner of a 33-hectare rotary kiln-electric furnace (RKEF) processing facility in China that caters to customers from within and outside Guangdong’s Economic and Technological Development Zones,” Bravo said. Revenues decreased 13 percent year-over-year to P6.7 billion due to adverse weather, partially offset by a rise in medium-grade ore prices and a favorable foreign exchange impact when compared to 2021. “The start of commercial operations at the Palawan mine along with the acquisition of 20 percent interest of GCTN, both in the fourth quarter, should enable us to carry out production all year-round and generate improved financial growth as we scale and integrate the business,” said Bravo. He noted that, “We believe this positions us to achieve more consistent profitability throughout the year. It will also allow us to benefit from higher nickel prices and China’s ongoing reopening, which is expected to prompt a rebound in stainless steel production and in the new energy vehicle supply chain.” "Moving forward, we are very excited about expanding our nickel ore production by 20 percent this year with the addition of our Palawan mine with an annual production capacity of 1.5 million WMT that would complement our Surigao mine's 7.5 million WMT. "We are also on track with our medium-term strategy which includes the construction of a steel processing plant in Mariveles, Bataan and its commercial production, and the development of a nearby port,” Bravo concluded.