MANILA, Philippines — Global Ferronickel Holdings Inc. (FNI) is consolidating its nickel mining subsidiaries after its board approved the proposed mergers of five units.
In a disclosure, the company’s board of directors approved the planned merger of Celestial Nickel Mining Exploration Corp., Ipilan Nickel Corp. and Nickel Laterite Resources Inc., with Ipilan Nickel as the surviving entity.
It likewise approved the merger of Surigao Integrated Resources Corp. and Platinum Group Metals Corp. (PGMC), with PGMC as the surviving company.
“These proposed mergers form part of the company’s initiative to streamline its corporate structure, consolidate operations and enhance operational and administrative efficiencies within the corporate group,” FNI said.
It noted that the board’s approval of the proposed mergers are still subject to applicable terms and conditions, as well as corporate and regulatory approvals.
The company’s board has also authorized officers to conduct all necessary actions, execute relevant documents and provide disclosures to the Philippine Stock Exchange, the Securities and Exchange Commission and other regulatory authorities.
FNI’s mining operations are concentrated in Palawan and Surigao del Norte, where it produces nickel ore from its operating mines.
Ipilan Nickel extracts medium-grade and low-grade nickel ore from its 2,835-hectare surface mineral area in Brooke’s Point, Palawan.
Meanwhile, PGMC operates the 4,376-hectare Cagdianao Nickel Project in Claver, Surigao del Norte, where it extracts nickel laterite ore.
Nickel ore shipments from the Surigao mine fell by 8.2 percent to 668,000 wet metric tons (WMT) in the first half from 728,000 WMT a year earlier.
On the other hand, nickel ore shipments from the Palawan mine climbed by 27.8 percent to 1.14 million WMT from 892,000 WMT.
The company attributed this to planned early shipments, improved mine planning and operational efficiencies that boosted production and strengthened the site’s capacity for sustained growth.