Business

Platinum Group renews supply contract with Baosteel Resources

A subsidiary of Global Ferronickel Holdings Inc. has signed a new deal with Hong Kong-based Baosteel Resources International Co. Ltd.

A subsidiary of Global Ferronickel Holdings Inc. has signed a new deal with Hong Kong-based Baosteel Resources International Co. Ltd.

The new contract involves the supply of one million wet metric tonnes (WMT) of nickel to Baosteel, representing 20 percent of Platinum Group Metal Corp.’s (PGMC) annual nickel ore shipment.

PGMC has been supplying Baosteel with nickel ore since 2014. It operates the Cagdianao nickel expansion project in Surigao del Norte.

For this year, FNI is looking to ship 5.7 million WMT subject to weather conditions.

Baosteel is a wholly owned subsidiary of the top Chinese steel manufacturing corporation China Baowu Steel Group, and is engaged in the business of mineral resource investment, trading, and logistics services.

It highly specializes on trading of metallurgic raw material with annual volume of over 60 million tons covering a vast range of products such as iron, ore, coal, alloys, non-ferrous metals, ferrous scraps, metallurgical flux, etc.

Baosteel has over 100 overseas suppliers and over 40 overseas clients in Australia, Singapore, South Africa, and Indonesia.

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