Apr. 12: 2017 : GFNI starts deploying nickel ore shipments to China this year
In a statement, the country’s second top nickel supplier said its lone operating mine in Cagdianao, through its wholly owned subsidiary Platinum Group Metals Corp., (PGMC), began delivery of nickel ore to China with the first shipment leaving Surigao del Norte last Sunday.
“We’ve had an early start to mining operations this year due to favorable weather conditions. We look forward to continued good weather in the weeks and months to come to meet our 2017 shipment target of 6 million WMT (wet metric tons),” GFNi President Dante R. Bravo was quoted as saying.
GFNi said the loading of nine additional vessels will be completed until May.
PGMC has earlier signed supply agreements for the delivery of up to 4 million WMT at prevailing market prices to several “long-standing” customers based in China. The company is hoping to secure more supply deals to match its target production.
“We would like to take advantage of the rebound in nickel prices,” Mr. Bravo said.
For April, almost two-thirds of the miner’s shipments will be medium-grade nickel ore, while the remaining balance will be low-grade nickel ore.
“The market prices of our medium-grade ore and low-grade ore have risen by 50% on average compared to the same period last year,” the GFNi president added