Nickel Asia says H1 ore shipments totalled 5m WMT
Nickel Asia Corp. sold 5.02 million wet metric tonnes of nickel ore in the first half of 2012, the company noted in a statement to the Philippine Stock Exchange on Thursday.
The ore shipments were mined from its four operating mine sites, and reflected a 19 percent increase over the 4.22 million WMT a year earlier.
The shipments were valued at P5.05 billion from P5.12 billion year-on-year.
The company used an average exchange rate of P42.87:$1 in computing the value of its output in the first half.
“In terms of price, the estimated realised nickel price applicable to 2.4 million WMT of ore shipped in the first half was at an average of $8.60 per pound of payable nickel as against $11.48 per pound of payable nickel during the same period last year,” the disclosure read.
The balance of shipments during the first half was sold based on a negotiated price per WMT of ore, which averaged $25.87 per WMT from $21.73 in the same period last year.
Its four subsidiaries are Rio Tuba Nickel Mining Corp., Taganito Mining Corp., Cagdianao Mining Corp. and Hinatuan Mining Corp.
Global macroeconomic concerns and a slowdown in China weakened metal prices in general in the first six months.
“Nevertheless, demand for some of our ore types remains strong, resulting in higher volume compared to last year,” according to Nickel Asia.
“Moving forward, we believe this is sustainable,” Gerard Brimo, president and chief executive, said in a statement.
Nickel Asia Corp. was established in early 2006 to consolidate ownership of several companies in the Philippines, the oldest of which has been in operations since 1975.
Category: ResourceAsia
