Nickel Asia earnings rise 41%, plans $300 M green bond offer

Nickel Asia Corporation , the Philippines’ largest producer of lateritic nickel ore, reported a 41 percent increase in attributable net income to P3.83 billion for the first semester of 2022 from P2.73 billion in the same period last year.

The weighted average nickel ore sales price over the first half of year 2022 rose by 18 percent to $30.03 per WMT against $25.54 per WMT in the same period last year. It also delivered 3.83 million WMT of limonite ore to the Coral Bay and Taganito high-pressure acid leach plants, the prices of which are linked to the London Metal Exchange and realized an average price of $12.52 per pound of payable nickel.

He noted though that, “the higher LME nickel price and stronger US dollar tempered the impact on our revenues.”

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