MANILA, Philippines - Production and shipments of the Philippines' largest nickel miner hit record highs last year.
Total shipments out of Nickel Asia's four operating mines hit 14 million wet metric tons, up 19% from 2012 levels.
Nickel Asia said this is the highest volume of ore shipments ever by their company.
The large volumes though did not translate to larget profits as the value of the ore shipped out fell 7% to P10.3 billion from last year due to weak nickel prices in the world market.
That is expected to change this year as a ban on mineral ore exports from Indonesia, our country's main competitor in the region should help boost prices.
The ban is aimed at limiting the export of ore to encourage the set up of local refinement and processing.
Nickel futures are already trading at two week highs on concern curbs in Indonesia would limit supply. - ANC