FNI Aims to Boost Nickel Value with New Processing Plant in the Philippines
Nickel ore producer Global Ferronickel Holdings (FNI) is in discussions with two foreign companies, one from Asia and the other from Europe, to set up a nickel processing facility in the Philippines, according to FNI President Dante R. Bravo. The talks were disclosed on the sidelines of a mining forum on Thursday.
FNI operates nickel mining sites in Cagdianao, Surigao del Norte, and Brooke's Point, Palawan. Nickel is a crucial metal for manufacturing batteries for electric vehicles and producing stainless steel.
Currently, the Philippines has two nickel processing plants, both operated by Nickel Asia Corp., located in Palawan and Surigao. Bravo emphasized the need for additional processing facilities in the country to increase the value of nickel production.
Earlier, FNI announced plans to explore mineral processing to enhance the value of its nickel products by tailoring them to meet the specific needs of different industries.
Michael T. Toledo, Chairman of the Chamber of Mines of the Philippines, highlighted that the government must address several challenges before advancing to value-added mineral processing. The Department of Environment and Natural Resources has indicated it aims to incentivize mining companies that process critical minerals, essential for supporting the Philippines' renewable energy goals.
Toledo stressed that addressing these challenges, including streamlining the approval process for exploration permits, resolving tax uncertainties, and providing attractive incentives, is crucial for advancing the sector. Additionally, clarifying the roles of national and local government units and ensuring proper management of indigenous community concerns are important steps for moving forward.
FNI reported a 0.41% increase in net attributable income for the second quarter, reaching PHP 196.45 million (USD 3.45 million), compared to PHP 195.65 million (USD 3.43 million) in the same period last year. Revenue rose by 25.1% to PHP 2.49 billion (USD 43.73 million) for the April-June period.
