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    NIKL: 2016 Ore Shipment Report

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    Nickel Asia Corporation reported that its four nickel mines shipped 19.3 million wet metric tons of ore in 2016, slightly lower than 2015 levels. Lower shipment volumes and weaker nickel ore prices caused estimated revenue to decline from $14.4 billion in 2015 to $13.3 billion in 2016. Specifically, the Taganito mine accounted for 42% of total shipments while the Rio Tuba mine accounted for 32% of shipments. Nickel prices hit a 13-year low in early 2016 but rebounded in the second half of the year on declining inventories and production cuts.

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    NIKL: 2016 Ore Shipment Report

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    BusinessWorld
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    Nickel Asia Corporation reported that its four nickel mines shipped 19.3 million wet metric tons of ore in 2016, slightly lower than 2015 levels. Lower shipment volumes and weaker nickel ore prices caused estimated revenue to decline from $14.4 billion in 2015 to $13.3 billion in 2016. Specifically, the Taganito mine accounted for 42% of total shipments while the Rio Tuba mine accounted for 32% of shipments. Nickel prices hit a 13-year low in early 2016 but rebounded in the second half of the year on declining inventories and production cuts.

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    NIKL: 2016 ore shipment report

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    NIKL: 2016 ore shipment report

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    Nickel Asia Corporation reported that its four nickel mines shipped 19.3 million wet metric tons of ore in 2016, slightly lower than 2015 levels. Lower shipment volumes and weaker nickel ore prices caused estimated revenue to decline from $14.4 billion in 2015 to $13.3 billion in 2016. Specifically, the Taganito mine accounted for 42% of total shipments while the Rio Tuba mine accounted for 32% of shipments. Nickel prices hit a 13-year low in early 2016 but rebounded in the second half of the year on declining inventories and production cuts.

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    29 views2 pages

    NIKL: 2016 Ore Shipment Report

    Uploaded by

    BusinessWorld
    Nickel Asia Corporation reported that its four nickel mines shipped 19.3 million wet metric tons of ore in 2016, slightly lower than 2015 levels. Lower shipment volumes and weaker nickel ore prices caused estimated revenue to decline from $14.4 billion in 2015 to $13.3 billion in 2016. Specifically, the Taganito mine accounted for 42% of total shipments while the Rio Tuba mine accounted for 32% of shipments. Nickel prices hit a 13-year low in early 2016 but rebounded in the second half of the year on declining inventories and production cuts.

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    of 2

    Nickel Asia Reports 19.

    3 Million Wet Metric Tons of Ore Shipments In 2016

    Taguig, January 12, 2017 - Nickel Asia Corporation (PSE:NIKL; NAC) today
    announced that its four operating mines sold an aggregate 19.3 million wet
    metric tons (WMT) of nickel ore shipments in 2016, marginally lower compared
    to the 19.7 million WMT of shipments achieved in 2015. Lower shipment
    volumes coupled with the overall weakness in nickel ore prices led to a drop in
    the Companys estimated value of shipments from P14.4 billion in 2015 to P13.3
    billion in 2016.
    The estimated realized nickel price on 11.7 million WMT of ore sales to mainly
    Japanese and Chinese customers in 2016 averaged $20.82 per WMT compared to
    an average of $22.64 per WMT realized in 2015.
    With respect to low-grade limonite ore sold to both the Coral Bay and Taganito
    processing plants, which are linked to LME prices, the Company realized an
    average of $4.39 per pound of payable nickel on 7.6 million WMT sold in 2016.
    This compares to an average price of $5.36 per pound of payable nickel on 7.8
    million WMT sold in 2015. The lower volumes compared to the prior year was
    due to remedial work conducted over a one month period at the Taganito HPAL
    plant, which reduced ore delivery from the Companys Taganito mine. The work
    was completed in May 2016 and the plant has since resumed operations at full
    capacity.
    On a per mine basis, the Companys Taganito operation accounted for 42% of
    total shipments. The mine shipped a total of 2.3 million WMT of saprolite ore
    and 5.7 million WMT of limonite ore, including 4.1 million WMT to the Taganito
    HPAL plant. The comparable figures for last year were 2.5 million WMT, 5.2
    million WMT and 4.4 million WMT, respectively.
    The Rio Tuba mine accounted for 32% of total shipments, which consists of 2.3
    million WMT of saprolite ore and 3.9 million WMT of limonite ore, including 3.5
    million WMT delivered to the Coral Bay HPAL plant. For the comparable period
    last year, Rio Tuba sold 3.2 million WMT of saprolite ore, and 3.4 million WMT of
    limonite ore to the Coral Bay plant. The drop in ore shipments was mainly due to
    a change in the ore grade mix brought about by the impact of lower ore prices.
    The unfavorable weather conditions and the effects of sea swells during the first
    half of the year resulted to delays in the start of shipments from the Companys
    Hinatuan and Cagdianao mines, thereby translating to slightly lower shipment
    volumes in 2016.
    Shipments from the Hinatuan mine during this period
    amounted 3.0 million WMT compared to 3.2 million WMT in 2015, while the
    Cagdianao mine shipped 2.1 million WMT in 2016 versus 2.2 million WMT last
    year.

    The year 2016 was challenging as we saw nickel prices hit a 13-year low early in
    the first half, a continuation of the downtrend that we experienced in 2015, said
    Gerard H. Brimo, President and CEO of the Company. However, prices in the
    second half have improved in line with improving fundamentals for nickel due to
    declining inventories coupled with some production cut-backs and closures, and
    a strong recovery in the Chinese stainless steel market. All these suggests higher
    nickel prices this year, Mr. Brimo added.

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