Global Ferronickel earnings down 16% on lower shipments - BusinessWorld Online

GLOBAL Ferronickel Holdings, Inc. reported that its second-quarter net income declined by 16.2% to P615.58 million from P734.56 million in the previous year.

“The results are driven by the April to June mining operations of Platinum Group Metals Corp. in Surigao del Norte, with incremental contributions from PGMC International Limited , a wholly-owned subsidiary es-tablished to facilitate relations with Chinese customers for the trading of mineral products,” it added.

The firm also noted that nickel ore prices were also higher this year with an overall average realized nickel ore price at $39.21 per WMT, compared to last year’s period at $31.10 per WMT.

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