FNI eyes partnership for nickel processing plant

NICKEL ORE producer Global Ferronickel Holdings, Inc. (FNI) is in talks with two foreign companies to establish a nickel processing facility, its president said.

FNI is negotiating with “two” companies, “Asian and European,” FNI President Dante R. Bravo told reporters 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, a crucial metal, is essential for producing batteries for electric vehicles and manufacturing stainless steel.

“Right now, (the Philippines) has two processing plants, one in Palawan, one in Surigao. The question is adding more,” Mr. Bravo said.

Nickel Asia Corp. operates both processing plants currently active in the Philippines.

Earlier, FNI announced that it would explore mineral processing to enhance the value of its nickel products by tailoring them to meet the specific needs of various industries.

Chamber of Mines of the Philippines Chairman Michael T. Toledo said that the government must first tackle key challenges before advancing to value-added mineral processing.

The Department of Environment and Natural Resources has said that it is seeking to incentivize mining companies that process critical minerals essential for achieving the Philippines’ renewable energy goals.

“Only if these recommendations are taken and put into action can we be able to produce enough minerals to feed the mineral processing facilities we aspire to build,” Mr. Toledo said at the same forum.

He added that this would enable the country to be a “significant player in the global energy transition movement.”

Key challenges include streamlining the approval process for exploration permits and mineral agreement applications, resolving tax uncertainties, and ensuring adequate benefits to attract further mining investments.

Mr. Toledo also said that the government should clarify the roles of national and local government units and provide clear guidelines for managing indigenous communities.

For the second quarter, FNI reported that its net attributable income inched up by 0.41% to P196.45 million from P195.65 million in the same period last year.

The company’s revenues rose by 25.1% to P2.49 billion for the April-to-June period from P1.99 billion in the same period last year.

FNI shares edged up by 0.68% or one centavos to close at P1.47 apiece on Thursday. — Adrian H. Halili