FNI affiliate starts shipment of ore to China

Global Ferronickel Holdings Inc. (FNI) on Tuesday announced the completion of the maiden shipment of ore of one of its affiliates from its mine site in Brooke’s Point in Palawan.

In a regulatory filing to the local bourse, FNI said Ipilan Nickel Corp. (INC) shipped 54,700 wet metric tons of medium-grade nickel ore to Guangdong Century Tsinghan Nickel Industry Co. Ltd. (GCTN) in China.

“After years of careful planning and regulatory compliance, this inaugural shipment is a remarkable milestone for our group and bodes well for the country’s economic and social governance goals at this critical time,” FNI chairman Joseph Sy said.

“Target for the year is 500,000 WMT, with increased production in the coming years, as we begin year-round operations,” he added.

Under its mineral production sharing agreement (MPSA), INC is permitted to explore, develop, and utilize nickel and other mineral deposits in 2,835 hectares in Brooke’s Point, Palawan.

The mine life is estimated to have at least 10 years with an annual production of 1.5 million WMT of medium- to high-grade nickel ore. Its workforce includes 1,300 individuals, primarily locals.

“We are proud of this development because it sets the tone for the optimal pursuit of our social development and environmental protection objectives,” Sy said.

FNI serves as a holding company with businesses primarily involved in mineral resource exploration, mining, and exporting of nickel ore.

Its subsidiaries include Platinum Group Metals Corp., FNI Steel Corp., and FNI Steel Landholdings Corp.

Shares in FNI closed Tuesday at P2.41 apiece, up 2.55% or 6 centavos from Monday’s finish of P2.35.—AOL, GMA News