Nickel Asia reports lower Q1 shipment

Listed miner Nickel Asia Corporation on Monday said nickel ore shipment volume and value were low in the first quarter of the year—1.74 million wet metric tons (WMT) compared to 1.82 million WMT during the same period last year The company said this was because its two other mines have yet to commence operations for the year. It also cited nickel prices in the world market as reason. Shipments made during the quarter came mostly from the Rio Tuba and Taganito mines, as the Taganaan and Cagdianao mines usually commerce operations in the second quarter. The aggregate value of shipments in the first quarter of the year amounted to P1.25 billion, down from P1.61 billion in the same period last year due to lower London Metal Exchange (LME) nickel prices, Nickel Asia said in a disclosure. Shipment of 983,000 WMT of ore made in the first quarter of 2013 fetched an average price of $7.81 per pound of payable nickel against $8.87 per pound of payable nickel in the same period last year based on LME prices, the company said, adding balance of shipment for the period was sold on a negotiated price of $22.85 per WMT against a negotiated price of $22.45 per WMT of ore in the same period last year. — KBK, GMA News