GLOBAL Ferronickel Holdings, Inc. (GFNI) has logged a total of 43.3 million wet metric tons (WMT) for its Cagdianao mine site as of October 29.
The overall reserves was half a million WMT lower against the previous year, despite active minb e extraction of 5.89 million WMT shipped nickel ore in 2019.
This is based on five out of seven deposit areas of Cagdianao nickel expansion project.
“We are planning to conduct further exploration work within the next few years to extend the life of the mine beyond its projected eight years (of) mine life,” FNI President Dante Bravo said in a statement.
“We are also studying other potential resource commodities, such as limestone and chromite,” he added.
GFNI is also planning for the early extraction of its low-grade ore deposits that are located farther than CAGA-2 and CAGA-4 to take advantage of the forecasted increase in nickel ore prices.
As of September last year, GFNI logged a 36 percent increase in attributable net income to P812.540 million. Revenues were at P4.786 billion, which is a five percent increase.
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