Global Ferronickel Holdings Inc. (FNI) reported a slight decrease in its proven and probable ore reserves estimate for its subsidiary, Platinum Group Metals Corp.’s Cagdianao nickel expansion project in Dinagat Islands.
The company said in a statement probable ore reserves based on five out of seven deposit areas stood at 43.3 million wet metric tons (WMT) as of October 2019, half a million WMT or 1 percent lower against the previous year, despite active mine extraction which yielded 5.89 million WMT of shipped nickel ore in 2019.
“We are planning to conduct further exploration work within the next few years to extend the life of the mine beyond its projected eight years mine life. We are also studying other potential resource commodities such as limestone and chromite,” said Dante Bravo, FNI’s president.
Bravo said to ensure optimal utilization of ore reserves, the company is planning for the early extraction of its low grade ore deposits that are located farther than their current active deposits to take advantage of the upward trend in nickel ore prices.