NICKEL ASIA Corporation reported the value of its mineral ore shipments jumped 20% to P17.29 billion in 2018, on the back of an increase in prices and export volume, and favorable peso-dollar exchange rate.
In a disclosure to the stock exchange on Thursday, the listed miner said it sold an aggregate 19.35 million wet metric tons (WMT) of nickel ore from its four operating mines at an average price of $16.86 per WMT in 2018.
To compare, Nickel Asia sold 17.70 million WMT of nickel ore at an average of $16.17 per WMT in 2017.
“Despite the significant jump in nickel ore supply from Indonesia, we are delighted that the company still managed to increased its shipments for the year. In addition, though the LME (London Metal Exchange) nickel price was dragged down in 2018 by negative market sentiment as a result of the US-China trade dispute, we expect a recovery in 2019, on the back of demand from stainless steel producers and battery manufacturers catering to the electric car industry,” Nickel Asia President Martin Antonio G. Zamora said in a statement.
Nickel Asia said that its Taganito mine in Surigao del Norte accounted for 46% of last year’s total shipments, while the Rio Tuba mine in Palawan accounted for 30% of the total shipments. — R.J.N.Ignacio