Apr. 20, 2017: Global Ferronickel 2016 income dropped on depressed world nickel prices

Apr. 20, 2017: Global Ferronickel 2016 income dropped on depressed world nickel prices

 

GLOBAL Ferronickel Holdings Inc., the second- largest nickel producer in the country and the largest single lateritic mine exporter in the world, said the income of its operating subsidiary, Platinum Group Metals Corp., fell to just P37.5 million last year, a fraction of its income of P1.11 billion on 2015.

Revenues reached P3.77 billion in 2016, down by half from the P6.53 billion it made in 2015, as a result of sluggish nickel-ore prices and poor weather conditions.

Over the course of 2016, 4.309 million wet metric tons (WMT) of nickel ore were shipped, down by 19 percent from the 5.352 million WMT shipped in 2015.

Average nickel-ore price decreased to $17.93 per WMT, 33 percent lower from the $26.69 per WMT average in 2015.

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