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Global Ferronickel income jumps 93% on higher export revenues

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mining global ferronickel holdings
Workers maneuver backhoes at a mine site of Global Ferronickel Holdings, Inc. -- GLOBAL FERRONICKEL HOLDINGS

NICKEL-ore producer Global Ferronickel Holdings, Inc. reported a 93% increase in its net income to P1.56 billion as of September due to higher export revenues.

In a disclosure to the stock exchange on Friday, the company said its export revenues for the period rose 16% to P5.6 billion against the P4.8 billion it posted a year ago.

Global Ferronickel President Dante R. Bravo said the company had been supported by the overall performance of its units.

“Despite the temporary halt in operations at the start of our mining season, we have been able to recover promptly and achieve remarkable results,” Mr. Bravo was quoted as saying.

During the nine-month period, the company said the sale of its nickel ore amounted to 4.379 million wet metric tons (WMT) against the 4.642 million WMT a year ago. It shipped 80 vessels of nickel ore compared with 85 vessels last year.

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“The decrease in the number of vessels loaded, and consequently in the volume of nickel ore shipped, was a result of the temporary suspension of operations in April to combat the spread of the coronavirus,” the disclosure said.

The company’s product mix was 59% low-grade ore and 41% medium-grade ore in 2020 against 42% low-grade ore and 58% medium-grade ore last year.

“The average revenue per vessel this year is P69.4 million, higher by 23.3% compared to 2019.

These shipments were sold solely to Chinese customers consisting of 2.588 million WMT low- grade nickel ore and 1.791 million WMT medium-grade nickel ore,” it said.

On Friday, shares in the company rose 7.10% or P0.11 to P1.66 per piece. — Revin Mikhael D. Ochave

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