Nickel ore producer Global Ferronickel Holdings, Inc (FNI) will begin the construction of its $50mn steel manufacturing plant at Mariveles town in the Philippines’ Bataan province by the first quarter (Q1) of 2021, according to media reports citing company officials.
The construction of the plant was supposed to begin this year but got delayed due to the travel restrictions imposed during the COVID-19 pandemic.
The plant is projected to become operational in 2022 and is expected to produce around 600,000mt of steel bar per annum.
The company has acquired a 40pc stake in the port operator Seasia Nectar Port Services Inc to fund the operations of the plant and to ensure easy access to port services with regard to importing raw materials, especially during the facility’s construction.
FNI will be importing steel billets from China for the construction of the plant.
The company is the second-largest nickel ore producer in the Philippines and the largest single lateritic mine exporter in the world. It has two laterite nickel mines – in the Surigao and Palawan regions.