GLOBAL Ferronickel Holdings, Inc. announced that its net income in 2021 was up 5.9% to P1.98 billion from P1.87 billion a year earlier due to higher nickel prices.
“We are delighted with the continued surge in nickel prices, which has allowed us to grow our top and bottom line despite having experienced relatively bad weather conditions throughout last year’s mining season,” Global Ferronickel President Dante R. Bravo said in a company disclosure on Monday.
“2021 has been a good year for Global Ferronickel as we received the Presidential Mineral Industry Environmental Award. It is the highest honor bestowed upon responsible mining companies by the Department of Environment and Natural Resources,” he added.
Revenues were also up by 6.2% to P7.71 billion from P7.26 billion in 2020.
Meanwhile, the company reported lower shipment volume at around 13% to 4.89 million wet metric tons (WMT) or 90 vessels of nickel ore in 2021 from 5.6 million WMT or 103 vessels in 2020 due to bad weather.
“The resulting product mix was 77% or 3.761 million WMT low-grade ore and 23% or 1.126 million WMT medium-grade ore in 2021 versus last year’s mix of 68% or 3.831 million WMT low-grade ore and 32% or 1.794 million WMT medium-grade ore,” Global Ferronickel said.
Average realized nickel ore prices last year were higher by 21.5% compared to 2020. Low-grade ore was up 22.2% while medium-grade ore was 27.2% higher.
“We are hoping to have more favorable weather conditions in our Cagdianao site this year to boost production,” Mr. Bravo added.
Global Ferronickel is a holding company with principal business interests in mineral resource exploration, mining and exporting of nickel ore. Its mineral property comprises 4,376 hectares in Cagdianao, Surigao del Norte.
The mining company produces two types of nickel ore, namely saprolite and limonite, which can be blended into six product categories.
Its subsidiaries include Platinum Group Metals Corp., FNI Steel Corp., and FNI Steel Landholdings Corp. Through PGMC, it also owns Surigao Integrated Resources Corp., PGMC-CNEP Shipping Services Corp., and PGMC International Ltd.
At the stock exchange on Monday, Global Ferronickel shares were down by 1.37% or P0.04 to P2.89 apiece. — Luisa Maria Jacinta C. Jocson
