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Global Ferronickel targets to ship 6-M wet metric tons of nickel ore

GLOBAL Ferronickel Holdings, Inc. (FNI) announced that it is targeting a nickel ore shipment volume of 6 million wet metric tons (WMT) for 2021.

The listed mining firm said in a regulatory filing on Wednesday that its Surigao del Norte based operating arm, Platinum Group Metals Corp. (PGMC), has started the shipment of nickel ore to its customers in China on March 29.

“We are confident in hitting this year’s target, weather permitting, with the opening of CAGA 1 next month which is expected to boost capacity by 10%,” FNI President Dante R. Bravo said in the disclosure.

FNI said its operating arm has four operational mining areas with the opening of CAGA 1, combined with the other sites called CAGA 2, CAGA 3, and CAGA 4.

The company also disclosed that its forecast sales mix is 70% low-grade and 30% medium-grade nickel ore, while its capital expenditure for the year is set at $5 million.

On Wednesday, shares of FNI at the stock exchange rose 3.61% or nine centavos to end at P2.58 each. — Revin Mikhael D. Ochave

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