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FNI acquires 20% of Chinese nickel alloy firm

AngMinero News by AngMinero News
October 4, 2022
in Business, News
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FNI registers Php 1.9B net income for 2021
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Global Ferronickel Holdings Inc. (FNI) is set to acquire a 20% stake in the Guangdong Century Tsingshan Nickel Industry Co. Ltd. (GCTN), a Chinese nickel alloy enterprise.

In a disclosure to the Philippine Stock Exchange, FNI said that it signed a definitive agreement acquiring stakes at GCTN through the purchase of shares in GHGC Holdings, Inc.

“The acquisition is expected to create reliable and consistent synergies between FNI as a nickel ore supplier and GCTN as a value-added processor, and support our ongoing diversification projects to boost profitability,” FNI President Dante R. Bravo said in a statement.

FNI said that this acquisition would help manage risks, optimize value to stakeholders, and develop downstream integration of the value chain.

GCTN is a nickel alloy enterprise in China that operates one of the world’s advanced smelters in rotary kiln-electric furnace (RKEF) technology. It produces 28,000 tons of pure nickel annually.

FNI’s affiliate, Ipilan Nickel Corporation (INC), shipped out 54,700 wet metric tons of medium-grade nickel ore to CGTN.

Tags: FNIGCTNGHGC Holdingsglobal ferronickel holdings inc.Guangdong Century Tsingshan Nickel Industry Co. Ltd.Inc.

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