Global Ferronickel plans P711.8 million investment for profitability

Global Ferronickel Holdings Inc. is aiming to improve its profitability in 2025 after facing a major drop in its net income in 2024. The mining company, based in the Philippines, revealed plans to invest P711.8 million in new facilities, including a warehouse and container terminal in Bataan, aimed at boosting revenue. In its recent announcement, Global Ferronickel reported a 51 percent decrease in net income for the previous year, down to P743.9 million. Revenue also fell by 13 percent, totaling P7.6 billion. The company attributed the decline to lower nickel ore prices, though strong shipping volumes helped to offset some losses. President Dante Bravo emphasized that while market conditions are challenging, the company is focused on long-term growth. In 2024, Global Ferronickel maintained a 15 percent increase in total shipping volume, reaching 5.448 million wet metric tons. This growth was supported by investments aimed at enhancing production and operational efficiency. Despite the increase in volume, the average price of nickel ore sold dropped significantly, by 27.1 percent to $24.26 per wet metric ton. Meanwhile, revenues from mining projects in Surigao and Palawan also experienced declines. The company continues to seek exploration permits in various regions to further expand its operations.