Global Ferronickel Holdings, Inc. (FNI) says it looks to expand its nickel resources to cater to the increasing demand from the stainless steel and electric vehicle (EV) industries.
In a report by Business World, FNI President Dante R. Bravo announced the company’s plans to explore and expand its nickel operations in Surigao, Palawan, Northern and Southern Luzon, and the Visayas.
Bravo emphasized the importance of nickel in producing stainless steel and EV batteries, highlighting FNI’s long-term commitment to growing its resource base.
FNI currently has mining operations located in Brooke’s Point, Palawan and Cagdianao, Surigao del Norte.
Additionally, the company is considering value-adding opportunities, such as establishing a ferronickel processing plant and a battery-grade nickel plant in the Philippines.
In the second quarter, FNI reported a 0.41% increase in its net attributable income, reaching Php 196.45 million, while its revenues grew by 25.1% to Php 2.49 billion. Despite these gains, FNI shares dropped by 1.35%, closing at Php 1.46 apiece on Wednesday.
