Nickel Asia Reports 47% Rise in Estimated Value of Shipments in Q1 2017, with Optimistic Outlook

Published: Apr 12, 2017 10:35

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Nickel Asia Corporation said the company's estimated value of shipments during the first quarter of 2017 jumped by 47 percent to P2.19 billion from P1.49 billion during the same period last year.

SHANGHAI, Apr. 12 (SMM) – Nickel Asia Corporation said the company's estimated value of shipments during the first quarter of 2017 jumped by 47 percent to P2.19 billion from P1.49 billion during the same period last year in a statement released on its website.

The company contributed the increase mainly to much higher prices for its nickel ore sales coupled with a weaker peso exchange rate.

The company sold an aggregate 3.05 million wet metric tons (WMT) of nickel ore from its Taganito and Rio Tuba mines during the first three months of 2017, down from 3.49 million WMT a year ago, as operations at the Taganaan and Cagdianao mines, both located in northeastern Mindanao, do not commence until the second quarter, the onset of the dry season.

The company is optimistic towards nickel prices.

"Despite news on the partial reversal of Indonesia’s ore export ban, we are confident nickel ore prices will remain firm this year mainly due to an improved outlook globally and specifically for the Chinese economy", said Gerard H. Brimo, President and CEO of the company.

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