Global Ferronickel Holdings Inc. (FNI) has started shipping to China with a 53,700 wet metric tons (WMT) of low-grade nickel ore bound for Guangdong Century Tsingshan Nickel Industry Co., Ltd. (GCTNICL).
The shipment comes from FNI unit Platinum Group Metals Corp., the second-largest value exporter of nickel ore in the country.
“We are upbeat 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 Dante Bravo FNI president.
Bravo said 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. With current global events adversely affecting oil prices, there is a greater appreciation for electric vehicles, which use nickel for their rechargeable batteries,” he said.
