Global Ferronickel Holdings Inc. (FNI) said net income in the first half of the year grew by 86 percent to P195.8 million from P105.5 million last year on the back of higher nickel ore prices and lower operating expenses. In a statement on Friday, FNI said the average realized ore price during the period went up to $24.38 per wet metric ton (WMT) compared to the $18.82 per WMT in 2019. FNI said a total of 23 vessels carried a combined volume of 1.258 million WMT, of which 52 percent were low-grade ore, and 48 percent consisted of medium- grade ore. This shipment is less than last year’s tally of 33 vessels with a total volume of 1.812 million WMT and a product mix of 39 percent low-grade ore and 61 percent medium-grade ore. “We have regained momentum and are still on track to meet our adjusted shipment target of 5 million WMT for 2020,” said FNI President Dante Bravo.
