FNI sends out first shipment to China
A subsidiary of Global Ferronickel Holdings Inc. has loaded its maiden shipment of nickel ore to China from its mine site in Surigao del Norte.
Platinum Group Metal Corp.’s first shipment left last April 9. Nine more vessels are expected to be loaded to complete the order.
“We’ve had an early start to mining operations this year due to favorable weather conditions. We look forward to continued good weather in the weeks and months to come to meet our 2017 shipment target of 6 million WMT (wet metric tons), ” said Global Ferronuckels president Dqnte R. Bravo.
PGMC has already signed supply agreements for the delivery of up to four million WMT at prevailing market price to several long-standing customers and it expects to secure more supply contracts to match its target production for the year.
“We would like to take advantage of the rebound in nickel prices. For April, almost two-thirds of our shipment will be medium-grade nickel ore and the remainder will be low-grade nickel ore. The market prices of our medium- grade ore and low-grade ore have risen by 50 percent on average compared to the same period last year,” Bravo said.