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Philippines' Global Ferronickel says steel plant construction moved to early 2021

Published 10/22/2020, 09:27 AM
Updated 10/22/2020, 09:30 AM

MANILA, Oct 22 (Reuters) -
* Global Ferronickel Holdings Inc FNI.PS , the Philippines'
second-biggest nickel ore producer, said on Thursday the
construction of its planned $50-million rebar steel rolling
plant has been delayed to the first quarter of 2021 from a
target of this year due to the pandemic
* Commercial operations of the plant to be built in
Mariveles in
Bataan province on the country's main Luzon island will start in
2022, it said in a statement
* The facility is estimated to have an annual output of
600,000
tonnes of steel bars
* "We would have wanted to begin construction this year but
it has
been delayed due to the pandemic, specifically the imposed
travel restrictions as some of our technical experts are based
abroad," said Global Ferronickel President Dante Bravo
* Bravo had previously said the project would involve
processing
billets imported from China into rebars
* To support the operations of the steel plant, Global
Ferronickel
has acquired a 40% stake in Freeport Area of Bataan port
operator Seasia Nectar Port Services Inc, ensuring easy and
steady access to port services in relation to the importation of
raw materials, especially during construction
* Global Ferronickel, meanwhile, said its nickel ore
shipment this
this year had surpassed its full-year target of 5 million wet
metric tonnes and was on track to reach 5.6 million wmt by
end-2020


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