Nickel ore sales of NAC mine in the Philippines increased by 8% in the first half of the year

Nickel Asia Corporation (NAC), the largest lateritic nickel ore producer in the Philippines, sold a total of 7.52 million wmt of nickel ore in operating mines in the first half of 2023, an increase of 8% over the same period in 2022. NAC exported 3.66 million tonnes of saprolite and limonite ore during the period at an average price of $28.22 per tonne, compared to 3.12 million tonnes of saprolite and limonite ore in 2022 at an average price of $42.05 per tonne.

NAC President and CEO Martin Antonio G. Zamora said that nickel ore prices may heve bottomed in the second quarter of the year. China's recent pledge to boost its economy should boost its economic situation and help drive demand for Indonesia’s incremental nickel supply. The bright spot remains the positive electric vehicle (EV) adoption trend, which remains strong.