Nickel Asia posts record volume of ore shipments
MANILA, Philippines - Mining company Nickel Asia posted its highest ever volume of ore shipments in 2012, but lower prices dragged down the total value of the shipments.
In a statement, Nickel Asia said the total volume of nickel ore sold and delivered from its four operating mines reached 11.7 million wet metric tonnes, a 12.5% increase from the previous year.
However, the total estimated value of nickel ore shipments dropped 7.4% to P11.2 billion in 2012, due to lower LME nickel prices.
In 2012, the realized LME nickel price was at an average of $8.10 per pound versus $10.53 per pound in the previous year.
Nickel Asia said the company has contracts with several customers for the delivery of 11.7 million WMT of saprolite and limonite ore. This includes 1.8 million WMT of limonite ore to be delivered to the new Taganito nickel processing plant which will be opened in the first half of 2013.
Nickel Asia said the Taganito nickel processing plant will start full year of operations in 2014. Total ore deliveries to the plant from Taganito mine is expected to hit 4.5 million WMT.
The firm currently has four operating mines in the country: the Rio Tuba mine in Palawan, the Taganito mine in Surigao del Norte, the Hinatuan mine in Surigao del Sur, and the Cagdianao mine in the Dinagat Islands.