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Nickel Asia's 9-month shipments rise 16% YOY in value

For the nine-month period that ended Sept. 30, Nickel Asia Corp.'s estimated value of shipments rose by 16% to 11.65 billion Philippine pesos.

The increase is mainly due to higher prices for its nickel ore sales combined with a weaker peso exchange rate, the company noted Oct. 10.

The company sold 14.24 million wet tonnes of nickel ore from its four operating mines in the Philippines, down from 15.18 million wet tonnes sold in the year-ago corresponding period.

It sold 7.97 million wet tonnes to Japanese and Chinese customers at an average price of US$24.35 per wet tonne during the period, compared to an average of US$19.37 per wet tonne received for 9.74 million wet tonnes sold a year ago.

Nickel Asia's Taganito mine accounted for 44% of total shipments during the period, while the Rio Tuba mine accounted for 31%.

Meanwhile, shipments from the Hinatuan and Cagdianao mines fell during the period due to a late start this year due to prolonged heavy rains. The Hinatuan mine shipped 2.03 million wet tonnes compared to 2.22 million wet tonnes in 2016, while the Cagdianao mine shipped 1.52 million wet tonnes, down from 1.69 million wet tonnes.

The value of Nickel Asia's shipments in the first half totaled 7.16 billion pesos.

As of Oct. 10, US$1 was equivalent to 51.43 Philippine pesos.