Nickel Asia shipments decline in Q1
Mining firm Nickel Asia Corp. said the estimated value of shipments fell 16.3 percent in the first quarter to P1.85 billion due to weaker ore export prices and lower average ore grade.
Ore export prices have been on a downward trend to the effect of increasing ore exports from Indonesia coupled with shipments of more lower-grade ore. It will be recalled that Indonesia relaxed its ore export ban in January 2017, thereby putting downward pressure on ore export prices.
Nickel Asia sold an aggregate 3.09 million wet metric tons (WMT) of nickel ore during the period, slightly higher than the 3.05 million WMT shipped the previous year.
Typically, the company experiences low shipment volumes during the first quarter of the year since operations at the Taganaan and Cagdianao mines, both located in northeastern Mindanao, do not commence until the second quarter, the onset of the dry season.