Listed firm, Global Ferronickel Holdings Inc. (FNI) said that its subsidiary, Platinum Group Metals Corp. in Cagdianao, Surigao del Norte, has commenced its shipment of nickel ore to customers in China.
The company said the first shipment for this year’s mining season consists of 55,300 wet metric tons (WMT) of low-grade nickel ore with 1.20 percent nickel content and departed on Monday, following the completion of its loading.
FNI said China remains the world’s largest consumer of nickel and the easing of pandemic restrictions paired with the recovery of the property sector as well as the rise in electric vehicle production are expected to further boost demand for the said metal in the country.
Amid the said projections, FNI is optimistic about the prospects of the nickel market while also expressing confidence in its ability to meet the needs of customers.
“We hope to complete 91 shipments for the year, totalling 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 Dante Bravo, FNI president, in a statement.
FNI said that its projected sales mix for the year will also consist of 60 percent medium-grade nickel ore and 40 percent low-grade nickel ore.
FNI, through its subsidiaries, is currently the second-largest value exporter of nickel ore in the country.
