Top nickel exporter Nickel Asia Corporation (NAC) announced yesterday an estimated value of shipments from January to September 2017 rose 16 percent to P11.65 billion from last year’s P10.01 billion.
The listen mining firm said in a disclosure to the Philippine Stock Exchange (PSE) the surge is a result of its high prices for nickel and the weakening peso exchange rate, which has continuously inflated to P50.29 this year from P46.88 in 2016.
“Improved prices were more than enough to offset slightly lower shipments experienced during the first nine-months of the year,” said NAC President and CEO Gerard Brimo.
“We see strong support for prices at current levels, as global demand for commodities, including nickel, continue to improve,” he continued.
NAC estimated its nickel ore export sales to Japan and China in the first nine months were at 7.97 million wet metric tons (WMT) priced at $24.35 per WMT compared to $19.37 per WMT on 9.74 million WMT sales during the same period in the previous year.
On a per mine basis, subsidiary Taganito mine has accumulated 44 percent of total shipments this period, contributing 2.66 million WMT of saprolite ore and delivered 3.62 million WMT of limonite ore to the Taganito HPAL plant.
This is compared to last year’s 2.13 million WMT of saprolite ore and 4.37 million WMT of limonite ore, with the 2.82 million WMT delivered to the Taganito plant.
Meanwhile, the Rio Tuba plant accounted for 31 percent of its total shipment for the first nine months this period with 1.58 million WMT of saprolite ore and 2.82 limonite ore, including the 2.65 million WMT of ore delivered to the Coral Bay HPAL plant.
During the same period in 2016, the eldest subsidiary posted figures of 1.47 million WMT, 3.05 million WMT, and 2.62 million WMT, respectively.
However, the company’s Hinatuan and Cagdianao mines showed lower shipments this period due to shipping delays brought by prolonged heavy rains, reaching only 2.03 million WMT and 1.52 million WMT, respectively.
