Nickel Asia Corporation’s estimated shipment value for 2018 grew by 20 percent amounting to P 17.29 billion from 2017’s P 14.43 billion due to higher export volume, improved prices, and convenient peso-dollar exchange.
The nickel ore producer managed to sold about 19.35 million wet metric tons (WMT) from its four operating mines last year. The average selling price per WMT experienced an upsurge to $16.86 per WMT in 2018, higher that its previous worth of $16.17 during 2017.
Nickel Asia’s site in Taganito outperformed other mines with 46 percent of all the company’s shipments.
On the other hand, the company’s Rio Tuba mine accounted for 30 percent of the total shipments. Cagdianao site also grew its shipments quantity to 2.64 million WMT in 2018 from 1.85 million. Contrary, the Hinatuan site amounted only to 2.15 million WMT, a down surge from 2017’s 2.45 million.
Nickel Asia exports mainly to China and Japan. Its exports from the said countries both increased during the year with 4.56 million WMT from the recorded 3.05 million on 2017.
This was the same time Indonesia succeeded in growing their nickel ore supply. Nickel Asia President Martin Antonio Zamora expressed delight in the company’s shipments growth.
“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,” Zamora said in a regulatory filing to the stock exchange.
