Global Ferronickel Holdings Inc., one of the country’s top nickel ore producers, reported a 91 percent surge in first-quarter net income as surging global metal prices countered the drop in shipment volumes caused by adverse weather.

Net income attributable to equity holders of the parent company rose to ₱1.42 billion, the miner said in a statement. Mining revenues advanced 14 percent to ₱8.63 billion from a year earlier, driven by tighter global supply and steady demand from major industrial consumers in Asia.

While extended rainfall cut total shipment volumes by 16 percent to 4.61 million wet metric tons, a 33 percent jump in the company’s average realized nickel ore price to $32.34 per wet metric ton more than compensated for the lower output.

Global Ferronickel adjusted its product mix to favor low-grade ores, which saw volumes rise 7.5 percent to account for 83 percent of total shipments. Average realized prices for low-grade ore jumped 54 percent to $30.10 per wet metric ton.

Conversely, medium-grade ore volumes fell 59 percent, though their average price rose 31 percent to $43.33 per wet metric ton. China remained the company’s primary export market, taking 89 percent of total shipments, while Indonesia accounted for the remaining 11 percent.

Operationally, the company’s Surigao mine, managed by Platinum Group Metals Corp., generated ₱5.07 billion, or 59 percent of total revenue, representing an 8.5 percent increase from the previous year.

Early stockpiling strategies helped mitigate a 21 percent drop in shipment volumes at the site, which faced fewer operating days due to heavy rains. Average realized prices at Surigao rose 38 percent to $27.98 per wet metric ton.

The Palawan operation, managed by Ipilan Nickel Corp., contributed ₱3.57 billion, up 22 percent from the previous year, accounting for 41 percent of total revenue. Shipments at the Palawan site remained relatively flat, ticking down less than one percent to 1.44 million wet metric tons, while its average realized price climbed 20 percent to $41.87 per wet metric ton.

The Palawan unit’s long-term outlook was bolstered by the renewal of its Mineral Production Sharing Agreement through September 2043.