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Manila Bulletin devider Business devider The Stock Market devider FNI units bag supply deal with Baosteel

FNI units bag supply deal with Baosteel

Published Jan 2, 2024 07:15 am

Global Ferronickel Holdings Inc. reported that its subsidiaries, Platinum Group Metals Corporation (PGMC) and Ipilan Nickel Corporation (Ipilan), have secured an annual sale and purchase agreement with Baosteel Resources International Co. Ltd. (Baosteel) of China.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said that under the agreement, Baosteel would purchase up to 1.5 million wet metric tons (WMT) of nickel ore for the year 2024 at a price that is determined monthly based on the prevailing market price at the time of sale. 

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FNI Chairman Joseph C. Sy (left) and Baosteel Resources International Co., Ltd. Vice President Wu Jiang
 

About two-thirds of the nickel ore to be sold is expected to be low grade with 0.9 percent nickel and 48 percent iron, and between 1.3 percent and 1.4 percent nickel with 15 percent to 25 percent iron. 

The remaining one-third will be medium grade with 1.4 percent and above nickel and 12 percent to 23 percent iron. It will be sourced from FNI’s operating mines in Surigao del Norte and Palawan.

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FNI President Dante R. Bravo

“We are proud to work with Baosteel and continue our long-term relationship,” said FNI President Dante R. Bravo. 

He noted that, “this agreement and our long history together demonstrate our customer’s confidence in our business and provide further recognition of our efforts in maintaining a reliable supply chain to meet the demands for Baosteel products throughout the Asia-Pacific region and internationally.”

“With almost 10 years relationship, we believe our collaboration aligns with FNI’s mission of providing metals and minerals that are essential for greener, more sustainable products required in everyday life,” added Bravo.

FNI ended 2023 with 4.763 million WMT shipped volume, with 3.297 million WMT from PGMC and 1.466 million WMT from Ipilan. A total of 0.379 million WMT were sold to Baosteel.

Baosteel Resources International Co. Ltd. is a wholly owned subsidiary of China Baowu Steel Group. It is engaged in mineral resource investment, trading, and logistics services. 

In 2023, China Baowu Steel Group ranked as the largest company in the materials sector and 44th largest company worldwide by total revenues on the Fortune Global 500, which it has been recognized for 14 years.

FNI is a holding company whose principal subsidiary is PGMC, the Philippines’ second largest nickel ore producer with mining assets in Cagdianao, Surigao del Norte and Brooke’s Point, Palawan. 

Through its presence across the Philippines and in China, FNI is pursuing a multipronged strategy to diversify our investment portfolio into value-added nickel processing, cement manufacturing, and port operations and logistics.
 

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