GFNI expects 20% increase in nickel production as it opens Palawan mine READ MORE:
The Palawan mine will have an annual production capacity of 1.5 million wet metric tons. The project will complement GFNI’s Surigao mine which has an annual capacity of 7.5 million WMT.
“The start of commercial operations at the Palawan mine along with the acquisition of 20-percent interest of GCTN, both in the fourth quarter, should enable us to carry out production all year-round and generate improved financial growth as we scale and integrate the business. We believe this positions us to achieve more consistent profitability throughout the year,” GFNI president Dante Bravo said in a statement to the stock exchange.
The Cagdianao mine in Surigao operates only from April to October, while the Palawan mine would operate from November to July. The nickel miner reported a net income of P2.2 billion in 2022, up 9 percent year-on-year as lower revenues was offset by higher foreign exchange rate.
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