^

Business

FNI inks deal with Hong Kong firm

Louise Maureen Simeon - The Philippine Star

MANILA, Philippines — Global Ferronickel Holdings Inc. (FNI) has inked a supply agreement with a Hong Kong-based company for the export of one million wet metric tons (WMT) of nickel ore.

In a regulatory filing, FNI said Platinum Group Metals Corp. (PGMC) has been awarded by Baosteel Resources International Co. Ltd. a contract to supply one million WMT of nickel ore at market price in 2020.

The contract comprises 50 percent low-grade and 50 percent medium- to high-grade nickel ore to be sourced from PGMC’s Cagdianao nickel expansion project in Surigao del Norte.

Delivery is expected at the onset of the dry season in April 2020.

PGMC has been supplying Baosteel Resources with low grade limonite ore to high grade saprolite since 2014.

A wholly owned subsidiary of China Baowu Steel Group., the company is engaged in mineral resource investment, trading, and logistics.

It specializes in the trading of metallurgic raw materials, of which over 60 million tons are being shipped annually. Its product portfolio includes iron, ore, coal, alloys, non-ferrous metals, ferrous scraps and metallurgical flux.

To date, Baosteel Resources has over 100 suppliers and 40 clients overseas. With headquarters located in Hong Kong, it has strategic footprints in Southeast Asia and the Pacific as well as in some parts of Africa.

FNI is a key supplier to major customers in China, including its other territories amid its growing demand for nickel ore, the main raw material for stainless steel and special alloys, among others.

China is the largest consumer of nickel globally, accounting for more than 50 percent of world consumption.

FNI saw its net income increase to P805 million in the first nine months, up from P595 million in 2018 amid better nickel ore prices in the world market.

It is the second largest nickel producer in the country. Apart from PGMC, its other subsidiaries include Surigao Integrated Resources Corp., PGMC-CNEP Shipping Services Corp., and PGMC International Limited.

GLOBAL FERRONICKEL HOLDINGS INC.

NICKEL

  • Latest
  • Trending
Latest
Recommended
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with
-->