Posted on 22 Mar 2023
Philippines mining firm Global Ferronickel Holdings, Inc (FNI) has signed an annual purchase agreement with Baosteel Resources International for the supply of 1.5 million wet metric tonnes of nickel ore for the 2023 mining season, Kallanish notes.
The nickel ore will be coming from FNI’s operating mines in Surigao del Norte and Palawan, operated by Platinum Group Metals Corporation (PGMC) and Ipilan Nickel Corporation (INC), respectively.
“Our two operating mines have given us the ability to undertake year-round production to better support the growing demand from China. The easing of Covid-19 restrictions and the robust growth of China’s property sector that is driving the need for stainless steel will help boost the nickel industry,” says Dante Bravo, FNI president.
Should stockpile inventory permit, one-third of the shipment will be composed of low-grade nickel ore with 0.90% nickel content and 49% iron content while the remainder will be medium- to high-grade nickel ore with 1.30%-1.60% nickel content and 15%- 25% iron content.
The selling price of each shipment will be set on a monthly basis according to the prevailing market price at the time of price setting.
Source:Kallanish
