Nickel Ore | Stock photo
naga789MANILA, Philippines — Ipilan Nickel Corp. (INC), the operating arm of listed Global Ferronickel Holdings Inc. in Palawan, expects to increase its global shipments of nickel ore after it began sending cargos to China.
In a disclosure on Thursday, Global Ferronickel said INC started its exports to China with 60,117 wet metric tons (WMT) of medium-grade nickel ore.
Article continues after this advertisementThe cargo is aboard MV Maple Unity, which left the INC anchorage area in Brooke’s Point town last Jan. 17.
FEATURED STORIES BUSINESS BIZ BUZZ: DJ ‘John-C’ goes to AC BUSINESS Cebu Pacific flights to Masbate, Siargao moving to Clark BUSINESS Big retail chains asked to sell cheap NFA riceREAD: Global Ferronickel net income dives by 60.7% from Jan-Sept 2024
The two-million-square-meter area, now named “TARI Estate,” was designated an SEZ through Proclamation No. 701 issued on Wednesday upon the recommendation of the Philippine Economic Zone Authority.
The mining firm said it expects to send out a total of 40 vessels this year given its current pace and if weather conditions allow. It projects a sales mix of 52 percent medium-grade nickel ore and 48 percent low-grade nickel ore.
Article continues after this advertisementDante Bravo, president of Global Ferronickel, said INC’s operations are in full stride.
Article continues after this advertisement“(T)he increase in activity is part of our long-term plans that is why we have applied, as early as last year, for the amendment of our Environmental Compliance Certificate (ECC) that will boost INC’s production level limit from 1.5 million WMT to 3 million WMT,” Bravo said.
Article continues after this advertisementFurther, the listed firm said the approval of its amended ECC will translate to higher royalty shares for the indigenous peoples in host and impact barangays alongside increased tax revenues for the government.
This will also result in more job opportunities and higher contribution to the Social Development Management Program (SDMP) fund.
Article continues after this advertisementAn ECC granted to a company signifies that a proposed project has complied with environmental laws and regulations and won’t cause any significant negative environmental impact.
This certification from the Department of Environment and Natural Resources’ Environmental Management Bureau allows a proponent to proceed with the planned project or activity.
Subscribe to our daily newsletter
