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Nickel Asia Corp. reported a 579% jump in its net income in the first half that was driven primarily by higher ore sales prices and volume.
Its net earnings in the first half of the year reached ₱2.73 billion. It registered only ₱401.4 million in the same period last year.
It sold a total of 8.3 million wet metric tons (WMT) during the period at a weighted average realized price of $25.47 per WMT. Last year it sold 7.3 million WMT at $16.02 per WMT.
It exported 4.56 million WMT of saprolite and limonite ore at an average price of $37.50 per WMT. Last year it exported 3.28 million WMT at $26.03 per WMT.
It also delivered a total of 3.74 million WMT of limonite ore to the Coral Bay and Taganito HPAL plants and realized an average price of $7.92 per pound of payable nickel. The prices in this case are linked to the London Metal Exchange (LME).
Recognized gain from Nickel Asia’s equity share in its investments in the two HPAL plants amounted to a total of ₱244.1 million, a turnaround from the ₱70.6 million loss incurred last year.
“Demand for nickel remains strong due to surging stainless steel output, driven by the recovery of the construction, manufacturing, and oil and gas sectors, and accelerating demand from the EV battery industry,” said Martin Antonio Zamora, Nickel Asia president and CEO.
“Further, nickel supply disruptions, due in large part to the Indonesian ore export ban and COVID-19 related lockdowns, provide additional support to the price of nickel,” he added.
Nickel Asia is the country’s largest producer of lateritic nickel ore and one of the largest in the world.
It exports saprolite and limonite ore to processors in China and Japan and sells limonite ore to downstream processing plant affiliates.
SOURCE: Phil Star
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