Global Ferronickel Holdings Inc. (FNI) recorded a 14.5 percent jump in its net income for the first nine months of 2022 to P2.13 billion from last year’s P1.86 billion, driven by its flagship mining project in Surigao del Norte operated by Platinum Group Metals Corp.
Revenues on the sale of medium-grade nickel increased on the back of favorable foreign exchange rates and higher average realized price even as shipment volumes declined from inclement weather and the lower price for low-grade ore, FNI said.
Its sale of nickel ore for the period dropped by 25.5 percent to 3.15 million wet metric tons (WMT) against last year’s 4.23 million WMT. FNI only completed 58 nickel ore shipments compared with 78 shipments during the same period last year, due to erratic weather conditions registering 161 rainy days from 137 last year.
FNI said the average realized nickel ore price for the nine-month period was $28.89 per WMT or 6.1 percent lower than last year’s $30.78 per WMT, while thepeso-dollar exchange rate for the group’s export revenues for the period is higher by 11.5 percent at P54.87 compared to P49.22 in the same period last year.
“Overall outlook for FNI looks reassuring. With the opening of our Palawan mineral project, we expect healthier returns for our stakeholders. Although weather conditions have not been permissive, we have continued to improve our operations and pursue our expansion plans,” said Dante Bravo, FNI president, in a statement. – Jed Macapagal
