There is a lot of reason to celebrate for Global Ferronickel Holdings Inc. as earnings of the company rise up by 9 percent last year due mainly to nickel ore exports from Palawan.
Total earnings grew by a total of P2.2 billion in 2022 despite what the company said as having been affected by external headwinds. Actual total income for the company for 2022 was P6.7 billion.
The nickel ore which contributed to the increase comes out from the mines in Brooke’s Point, Palawan which have a current production capacity of 1.5 million wet metric tons (WMT).
Ferronickel president Dante Bravo issued the statement saying, “Our performance during the year showed our company’s ability to evolve and make further progress against our strategic priorities.”
This year, the company is aiming to expand its production in its Palawan mines by 20 percent from its current capacity.
Although earnings grew, revenues suffered a 13 percent decrease. The company blames adverse weather conditions especially rainy days which delay shipping volume.
As reported earlier last year, Ipilan Nickel Corp., completed its first ore export to China last September 2022 of 54,700 WMT of medium-grade nickel ore to Guangdong Century Tsingshan Nickel Industry Co. Ltd.
Aside from its mine in Palawan, Ferronickel also have a larger capacity mine in Surigao producing 7.5 million WMT.
Palawan is not just endowed with Nature’s beauty for Tourism but also rich in raw materials which are mined and used in various industries. We hope those in the mining industry will do mining with sustainability in mind.
Last February 25, 2023, various stakeholders from Brooke’s Point, Palawan organize a press conference to air their vehement opposition against mining. In attendance include Brooke’s Point Mayor Cesareo R. Benedito Jr., Brooke’s Point Vice Mayor Atty. Mary Jean D. Feliciano and representatives from various groups and non-governmental organizations.
Credits: Cover Photo from Global Ferronickel Website
