Firm makes first nickel ore shipment from Dinagat Island ~ SURIGAO Today

Firm makes first nickel ore shipment from Dinagat Island

ORIENTAL VISION Mining Philippines Corp., an associate of publicly listed NiHao Minerals International Corp., completed its first shipment of nickel ore last Aug. 9, the firm said in a statement yesterday.

The miner sold approximately 54,000 wet metric tons of nickel ore with a grade of 0.9% nickel for P28 million to China. The shipment was the miner’s first from the Palhi mine in Dinagat Island, located in northeastern Mindanao.

The miner said it was preparing its second shipment, which would have the same volume but with a higher nickel grade of 1.8%, to China.
The miner added that it also plans to ship nickel ore to Australia and Japan.

The firm is developing and operating three nickel projects, namely the Palhi mine and Sangay mine, both located in Dinagat Island, and the Dinapigue mine in Isabela.

Aside from nickel projects, Oriental Vision Mining also has coal, gold-copper, sulfur, and phosphate projects.

Last March 24, NiHao Minerals International Corp. acquired a 30% stake in Oriental Vision Mining. -- K. A. Martin, Business World

5 comments:

Anonymous said...: lets see if the numbers are right?

Amount of Nickel ore
54000 MT @ 0.9% grade nickel
= 486 MT of 99.9% nickel

3 Month average price of Nickel
42550.0 $/Metric Ton of 99.9% nickel
42.550 $/KG @ 99.9% nickel

486 MT x $42550.00 =
$ 20679300.00 worth (note in US Dollar)

if you convert to Philippine Peso
(current rate @ $1 = P44)

$ 20679300.00 x 44 = P 909889200.00
(P 909 Million)

Ok so why did you sell P909 Million worth of nickel for P28 million to China?

What a stupid deal. I consider this economic sabotage! That is why Surigao and Philippines will be always poor if we sell our wealth like this!!; September 17, 2010 at 11:13 PM
Anonymous said...: while the other party (Chinese) could claim that our analytical computation is right and true, what is missing is the cost of production, shipping and insurance cost, overhead, which is not factored in... what strikes the most and outright condemning if not damning, are the other metals that got lost in the valuation of the ore...this is highway robbery or gives new meaning to the phrase Piracy in the high Seas! and Surigao is the unwitting victim..; September 18, 2010 at 1:23 PM
Anonymous said...: Yes its true my computation did not include the cost of refining and transportation, this is only based on the amount of nickel ore at the current world price from the London metal index.

Even so the cost of refining nickel at maximum is @ $4/KG and lower with improved refining processes and volume.

Also I did not include the other metals like cobalt and precious metals that are extracted during refining.

To sum it up the Filipino is being ripped off. You are being exploited.

I am not against mining but i only approve of mining where everyone will benefit. Ban ore exports, unless the refining is inside Philippines, and keep jobs for Filipinos.; September 20, 2010 at 9:35 PM
Unknown said...: raw ore has a price tag. processed ore has a different price tag. If the Filipino's used their head, they would put in processing plants here and pass laws that wont allow raw ore to leave the country... They are not being ripped off, they aren't putting themselves in a position to get processed prices. Processing and refining of the ore is 80% of the cost. The miners made substantial profits off the raw ore. The processors will probably see the same profit margins. Only they will spend 10 times as much to earn those profit margins and larger sums of money. Quit crying and look at real solutions... If they didn't try to cut so many corners here and do things the half-ass and cheapist way, they would earn so much more...; March 22, 2011 at 4:42 PM
Ger said...: Passing a law will take a 3 years if not more. In the meantime they are robbed clean already. There was (remains still there) a processing plant. Amongst other things, energy cost did shut it down.
With current floating energy prices, there is no way to put in plant ( to get the finance actually) unless your on top of a coal mine or such to get the energy.
The Chinese have. in China.

So be smart, get the renewable power, get permits for small scale mining and ship biomass as feedstock, use the current sea flow and make processed ore.; March 27, 2011 at 12:08 PM

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