Apr. 12, 2017: NAC value of Q1 shipments increases by 47%
In a statement, the country’s top nickel producer said the estimated value of shipments during the first three months of the year grew 47% to P2.19 billion, from P1.49 billion during the same period in 2016.
“The increase is mainly due to much higher prices for its nickel ore sales coupled with a weaker peso exchange rate,” Nickel Asia said.
The listed miner, however, noted it usually sees low shipment volumes during the January to March period since operations at its Taganaan and Cagdianao mines in northeastern Mindanao do not start until the second quarter.
Nickel Asia said it sold an aggregate 3.05 million wet metric tons (WMT) of nickel ore from its Taganito and Rio Tuba mines during the period, 12.6% lower than the 3.49 WMT sold a year ago.
In the first quarter, the company focused on the higher-value saprolite ore, while shipments of the lower value limonite ore was limited to deliveries to the Coral Bay and Taganito processing plants.