Nickel Asia output up 20% to P17.3B last year
Credit to Author: EIREENE JAIREE GOMEZ| Date: Thu, 17 Jan 2019 16:17:11 +0000
LISTED Nickel Asia Corp. saw the value of its nickel-ore shipments increase by 20 percent to P17.29 billion in 2018 from P14.43 billion the year before.
In a disclosure on Thursday, the mining company attributed the growth to higher export volume, improved prices and a more favorable dollar-peso exchange rate last year.
Nickel Asia’s shipment volume in 2018 was 19.35 million wet metric tons (WMT) with an average price of $16.86 per WMT, up 9.32 percent from 17.70 million WMT with an average price of $16.17 per WMT in 2017.
Its Taganito mine in Surigao del Norte province accounted for 46 percent or 8.81 million WMT of the total volume. Some 4.56 million WMT of nickel ore were exported to China and Japan, while 4.25 million WMT of limonite ore were delivered to Taganito’s High Pressure Acid Leach (HPAL) facility.
The Rio Tuba mine in Palawan province contributed 30 percent or 5.75 million WMT, of which 2.21 million WMT were exported to China and Japan and 3.54 million WMT were sent to the Coral Bay HPAL plant.
Two other mines, Hinatuan in Surigao del Norte province and Cagdianao in the Dinagat Islands, yielded 2.15 million WMT and 2.64 million WMT, respectively.
“Despite the significant jump in nickel ore supply from Indonesia, we are delighted that the company still managed to increase its shipments for the year,” Nickel Asia President Martin Antonio G. Zamora said.
“In addition, though the LME (London Metal Exchange) nickel price was dragged down in 2018 by negative market sentiment as a result of the US-China trade dispute, we expect a recovery in 2019, on the back of demand from stainless steel producers and battery manufacturers catering to the electric car industry,” he added.
Incorporated on July 24, 2008, Nickel Asia is the Philippines’ largest producer of lateritic nickel ore and one of the largest in the world. It exports saprolite and limonite ore to Japan, China and Australia.
Besides operating the four mines, the company also owns properties in various stages of exploration for nickel, while seeking opportunities in copper and gold.
Shares of Nickel Asia rose by 12 centavos or 4.84 percent to close at P2.60 each on Thursday.
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