Global Ferronickel boosts net income despite lower sales
Philippines-listed mining firm Global Ferronickel has recorded a net income of PHP 2.13 billion ($37.21 million) in the nine-month period that ended 30 September compared to the PHP 1.86 billion it posted during the same period last year, Kallanish notes.
The results were driven by the group’s flagship mining project in Surigao del Norte, operated by Platinum Group Metals Corporation (PGMC).
The group's revenues on the sale of medium-grade nickel increased on the back of favourable forex rates, while shipment volumes reeled from inclement weather and a lower price for low-grade ore.
The sale of nickel ore for the nine-month period slid to 3.150 million wet metric tonnes, lower by 1.08m wmt or 25.5% compared to 4.23m wmt of nickel ore in the same period last year.
The group only completed 58 nickel ore shipments against 78 shipments during the same period last year due to erratic weather conditions, registering 161 rainy days to 137 last year.
The average realized nickel ore price for the period ended 30 September is $28.89/wmt, lower by $1.89/wmt or 6.1% compared to last year’s $30.78/wmt.
"With the opening of our Palawan mineral project, we expect healthier returns for our stakeholders. Although weather conditions have not been permissive, we have continued to improve our operations and pursue our expansion plans,” says president Dante Bravo.
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