Global Ferronickel Holdings, Inc. on Monday, March 19, said that its operating subsidiary Platinum Group Corporation (PGMC) has signed a deal to supply 1.5 million wet metric tonnes (WMT)of nickel ore to Guangdong Century Tsingshan Nickel Industry Company, ltd.

In a disclosure to the stock exchange, FNI said that its Surigao del Norte-based mine will deliver medium-grade nickel with higher iron ore to the Chinese company but did not specify the selling price.

Instead, FNI said that the price will be based on the “prevailing market prices for the 2018 mining season.”

This year’s order is below what was stated the 2017 contract between the two parties, with Guangdong Tsingshan contracting PGMC to deliver 2 WMT of nickel ore.

PGMC has been the supplier of medium-grade saprolite ore for Guangdon Century Tsingshan Nickel Industry Co., Ltd. since 2014.

In an earlier statement, FNI already announced its target to reach 6 million WMT through PGMC, banking on favorable weather.

FNI’s Cagdianao Mine Site can only mine up to 7.7 million WMT.

FNI early this month reported a 20-fold increase in earnings to P780 million, backed by more efficient operations, improved selling prices for minerals and a favorable peso-dollar exchange. — Anna Gabriela A. Mogato

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