Nickel Asia, a listed mining company, reported net attributable income of 584.1 million pesos for the January-March period of 2021 in its first quarter financial statement published on 6 May 2021, reversing a net loss of 890 million pesos for the same period in 2020.
Earnings before interest, tax, depreciation and amortisation (EBITDA) were 1.69bn pesos in the first quarter, up 110 per cent from 804m pesos in 2020.
Nickel Asia said the increase in revenue in the first quarter was mainly due to higher selling prices of ore.
According to the report, it sold a total of 2.82 million WMT of nickel ore in January-March 2021 at an average price of $20.64 per WMT.
In the same period in 2020, 2.78 million wet tons were sold at an average of US $12.97 per WMT.
On a breakdown basis, 845,000 WT nickel ore was exported in the first quarter of 2021 at an average price of $44.86/WMT.
In the same period of 2020, 702,000 wet tons were exported, with an average price of $28.67/WMT.
Meanwhile, YNL sold 1.98 million wet tons of Nickel ore in the first quarter to the Coral Bay Nickel Corp. and Taganito Hpal Nickel Corp. plants at LME related prices, with an average price of $7.96 per pound of Nickel payable.
By comparison, subnickel sold 2.08 million wet tons of nickel ore to the two plants in the same period in 2020.
In addition, due to LME price increases, the company suffered a loss of 115 million pesos in the first quarter of 2021 from a loss of 100 billion pesos in the same period of 2020, narrowing the loss significantly.