CHARTS: The coming critical minerals trade war is BRICS short of a load
"While a large number of countries around the world continue to talk about securing raw material supply, China is actually doing something about it."
Nickel Asia Corp, the Philippines’ biggest nickel ore miner and exporter, said on Friday its first-quarter ore shipments fell 3.8% from a year earlier to 2.78 million wet metric tonnes due to coronavirus-led disruptions.
Revenue in the March quarter, however, rose 11% to 2.21 billion pesos ($43.8 million) on higher ore prices, it said in a statement.
Nickel Asia said its Taganito and Hinatuan mines in the Surigao del Norte province have re-started operations this month, albeit gradually, following almost one month of voluntary suspension in line with coronavirus-containment measures.
“We remain cautious for the rest of the year owing to the uncertainties prevailing in markets globally,” said Nickel Asia President and CEO Martin Antonio Zamora.
The Philippines is a major ore supplier to Chinese producers of nickel pig iron, a key ingredient for stainless steel.
($1 = 50.44 Philippine pesos)
(By Enrico dela Cruz; Editing by Aditya Soni)
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