SUPPLY DEAL. Baosteel Resources Chairman Zhang Dianbo (left) and FNI Chairman Joseph Sy during the signing ceremony held in Shanghai, China on November 8, 2019. Baosteel Resources International Co. Ltd. awarded Global Ferronickel Holdings, Inc. (FNI), through its operating arm Platinum Group Metals Corporation (PGMC), a contract to supply one million wet metric tons (WMT) of nickel ore, the delivery of which is expected in April 2020. (Photo courtesy of FNI)
MANILA – The Baosteel Resources International Co. Ltd., a wholly owned subsidiary of China’s largest steel manufacturer, has signed an agreement with Global Ferronickel Holdings, Inc. (FNI) that will supply one million wet metric tons (WMT) of nickel ore to Baosteel.
The supply will consist of 50 percent low-grade and 50 percent medium-to high-grade nickel ore to be sourced from Cagdianao Nickel Expansion Project in Surigao del Norte of FNI’s operating arm, Platinum Group Metals Corporation (PGMC).
Delivery is expected at the onset of the dry season in April 2020.
Baosteel Resources, a wholly owned subsidiary of China Baowu Steel Group, is engaged in mineral resource investment, trading, and logistics. It specializes in the trading of metallurgic raw materials, of which over 60 million tons are being shipped annually.
The company's product ranges are iron, ore, coal, alloys, non-ferrous metals, ferrous scraps, and metallurgical flux, among others.
To date, Baosteel Resources has over 100 suppliers and 40 clients overseas. With headquarters located in Hong Kong, it has strategic footprints in Southeast Asia and the Pacific as well as in some parts of Africa. (PNA)
