Platinum Group renews contract with China firm

MANILA, Philippines — A subsidiary of listed Global Ferronickel Holdings Inc. (FNI) has renewed its one million wet metric ton (WMT) purchase contract with a Chinese firm, which will help the company achieve its shipment target for this year.

In a disclosure to the Philippine Stock Exchange, FNI said its subsidiary Platinum Group Metals Corp.(PGMC) has renewed its purchase contract with Baosteel Resources International Co., Ltd. for one million WMT of nickel ore.

“The contract covers low-grade nickel with high iron and medium-grade nickel with low iron at prevailing market prices,” FNI said.

The volume accounts for approximately 20 percent of PGMC’s annual nickel ore shipment.

PGMC has been supplying Baosteel with nickel ore since 2014.

Baosteel is a wholly owned subsidiary of leading Chinese steel manufacturing corporation China Baowu Steel Group, and is engaged in the business of mineral resource investment, trading and logistics services.

The company specializes in trading of metallurgic raw material with annual volume of over 60 million tons covering a vast range of products such as iron, ore, coal, alloys, non-ferrous metals, ferrous scraps and metallurgical flux.

Baosteel maintains over 100 overseas suppliers and over 40 overseas clients. Its headquarters is in Hong Kong, with footprints in Australia, Singapore, South Africa, Indonesia and several others.