Nickel Asia Corp. said the estimated value of ore shipments rose 20% to P17.29 billion last year, driven by higher demand, improved prices and a more favourable foreign combination of higher export volume, improved prices and a favourable foreign exchange rate.
Controlled by businessman Manuel B. Zamora Jr., Nickel Asia sold a total of 19.35 million wet metric tons of nickel ore from its four operating mines at an average price of $16.86 per WMT compared to 17.7 million WMT at an average price of $16.17 per WMT in 2017.
Nickel Asia realized an average of $6.02 per pound of payable nickel on its ore deliveries.
“Despite the significant jump in nickel ore supply from Indonesia, we are delighted that the company still managed to increase its shipments for the year,” said Martin Antonio G. Zamora, president of Nickel Asia.
“In addition, though the LME nickel price was dragged down in 2018 by negative market sentiment as a result of the US-China trade dispute, we expect a recovery in 2019, on the back of demand from stainless steel producers and battery manufacturers catering to the electric car industry”, Zamora added.