MANILA, Oct. 13 (PNA) — Listed Nickel Asia Corp. (NAC) on Monday said the value of its shipments surged by a whopping 165 percent in January to September, boosted by higher ore deliveries and exports.
In a disclosure, Nickel Asia said value of shipments amounted to Php20.6 billion in the first nine months of the year from Php7.8 billion in 2013.
It attributed the growth in shipment volumes largely to increased ore deliveries to the HPAL plants, in particular to the Taganito HPAL facility, now on its first full year of commercial operations.
The plant was still in its pre-operating stage during the same period last year.
As a result, total ore deliveries to the two HPAL plants reached 5.38 million wet metric tons (WMT) in 2014 compared to 2.81 million WMT last year.
The company’s Taganito subsidiary, which is now the largest, accounted for 41 percent of total shipments during the first nine months of the year.
The Rio Tuba subsidiary accounted for 32 percent of total shipments during the period.
Nickel Asia said the direct exports of ore also contributed to its higher shipments, increasing from 7.50 million WMT in 2013 to 8.87 million WMT in 2014.
“We are delighted that the company has been able to produce strong volume growth, both in terms of ore deliveries to the two processing plants, as well as direct ore exports. As a result, we have been able to capitalize from the strong prices we are now experiencing,” said Gerard Brimo, president and chief executive officer at Nickel Asia. (PNA)