Philippine-listed miner Asia Nickel Co. 's attributable net income rose 12 percent in the first nine months of 2022 on the back of higher ore prices, according to information disclosed on Nov. 10.
Martin Antonio G.Zamora, President and Chief Executive Officer of Nickel Asia, said that while the Group's mining operations were impacted by adverse weather conditions, higher LME nickel prices and a strong US dollar exchange rate resulted in a 2% increase in mining revenues compared to 2021.
On the sales front, ore sales at Nickel Asia's five operating mines fell 14 percent to 12.44 million wet tons in the January-September period from 14.44 million wet tons in 2021. The decrease in sales volume was almost directly proportional to the number of unrealized days of work due to inclement weather, which adversely affected the Company's mining operations.
On the price front, the weighted average Nickel ore selling price of Nickel Asia in January-September increased 5 percent to $29.46 per wet tonne compared to $28.05 per wet tonne in 2021.
On the export side, Nickel Asia exported 6.68 million wet tons of rotten soil and limonite at an average price of $38.87 per wet ton during the period, down from $38.88 per wet ton for 8.72 million wet tons in 2021.
In addition, the company shipped 5.76 million wet tonnes of limonite to its Coral Bay and Taganito high pressure acid leaching (HPAL) plants at an average price of $11.66 per lb, up from 5.72 million wet tonnes at $8.20 per lb in 2021. The average price of deliveries to HPAL plants was also $18.55, up from $11.54 in 2021.
