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Philippines' largest nickel producer, Nickel Asia Corp, said on Tuesday
it had signed a deal to supply close to 2 million wet metric tonnes (WMT)
of lateritic nickel ore to China's Baosteel Resources Co Ltd next year.
The
volume accounts for about half of Baosteel Resources' annual import
requirements, the local miner said in a statement. Pricing details were
not disclosed.
Baosteel Resources is a wholly owned unit of Baosteel Group or Baoshan
Iron & Steel, China's largest listed steelmaker.
"This
represents a significant milestone for both companies, the result of a
mutually beneficial cooperation between two industry leaders," Nickel
Asia president Gerard Brimo said in a statement.
He also
said Nickel Asia's Taganito mine in the southern Surigao del Norte
province has completed its first shipment of nickel ore following the
raid by Maoist rebels in early October.
Shipments from Taganito from January to November are expected to hit 10
million WMT, he said.
Shares
of Nickel Asia, partly owned by Japan's Sumitomo Metal Mining Co Ltd,
were untraded in early deals on Tuesday as the main stock index slipped
0.7 percent.
Source: Reuters |
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