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PrintListed mining firm Nickel Asia Corporation reported lower shipment value of nickel ore in 2013 even though it shipped more than it did in 2012.
In a regulatory filing, Nickel Asia said the estimated value of its nickel ore shipments fell by seven percent to P10.3 billion in 2013 from P11.1 billion reported in 2012 on lower realized London Metal Exchange (LME) nickel price.
Nickel Asia sold 14 million wet metric tons (WMT) of nickel ore from its four operating mines in 2013. That was up 19 percent against the 11.7 million WMT it sold in 2012.
"This is the highest volume of ore shipments achieved by the group in its history and represents five consecutive years of increasing ore sales," the company said in the filing.
Its Rio Tuba operations produced 41 percent of the total volume shipped last year, equivalent to 1.7 million WMT of saprolite ore and four million WMT of limonite ore.
Nickel Asia's Taganito mine, meanwhile, shipped a total of 1.4 million WMT saprolite ore and 2.5 million WMT of limonite ore. The output accounted for 28 percent of the total volume shipped last year.
Another 25 percent of shipments came from the Hinatuan mine, which delivered 3.4 million WMT of mostly high iron limonite ore.
The Cadianao mine, with six percent of total shipments, produced 350,000 WMT of saprolite ore and 539,000 WMT of limonite ore.
The realized LME nickel price applicable to 5.2 million WMT of ore shipped in 2013 was at an average of $6.91 per pound of payable nickel, lower than the $8.10 per pound of payable nickel in 2012.
The balance of the shipments, which are mainly the low and medium grade variety ore sold to Chinese customers, were sold on a negotiated price per WMT of ore averaging $20.03 per WMT of ore compared to $24.40 per WMT of ore in 2012.
Nickel Asia has executed contracts this year for the delivery of 15.3 million WMT of saprolite and limonite ore. Around 4.7 million WMT of limonite ore will be delivered to the new Taganito nickel processing plant.
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