Nickel miner ships record volume in 2012

The Philippines' largest nickel miner shipped 11.7 million wet metric tons (WMT) of nickel ore in 2012, the company disclosed to the Philippine Stock Exchange. Nickel Asia Corp. reported that the volume set a record for the company, surpassing its 2011 total by 12.5 percent. However, the total estimated value of the shipments declined by 7.4 percent to P11.2 billion owing to a drop in prices from $10.53 per pound in 2011 to $8.10 per pound at the London Metal Exchange. The balance of the shipments, largely the low- and medium-grade variety ore sold to Chinese buyers, went for $24.41 per WMT of ore on average, slightly lower than the average price of $24.47 per WMT in 2011.   According to the firm, 48 percent of the total volume came from its Rio Tuba mine in Palawan, consisting of 2.3 million WMT of saprolite ore and 3.4 million WMT of limonite ore.   Its Taganito mine in Surigao del Norte contributed 20 percent of the volume, shipping 1.7 million WMT of saprolite ore and 710,000 WMT of limonite ore. The company's Hinatuan, Caraga mine produced 2.6 million WMT of limonite ore, or 23 percent of the total, while its Cagdianao, Dinagat Islands mine shipped 290,000 WMT of saprolite ore and 795,000 WMT of limonite ore, or nine percent of miner's shipments for the year.   For 2013, Nickel Asia is contracted to deliver another 11.7 million WMT of saprolite and limonite ore to its customers. — BM, GMA News