The Market Monitor Minding the Nation's Business
Listed mining firm Global Ferronickel Holdings, Inc (FNI) unit Platinum Group Metals Corp (PGMC) recently signed a supply contract for the delivery of a total of 2 million wet metric tons of nickel ore to Guangdong Century Tsingshan Nickel Industry Co Ltd at spot price for the 2017 mining season, FNI reported to the bourse.
FNI also recently disclosed that its affiliate Ipilan Nickel Corporation (INC) entered into a Loan Agreement with Baiyin International Investment Ltd (BII) for the aggregate amount of $20 million.
The loan was covered by FNI’s corporate guarantee and intended to fund INC’s capital expenditures and working capital.
BII is a subsidiary of a Chinese state-owned company, Baiyin Nonferrous Group Co. Ltd (Baiyin).
The execution of the loan followed the memorandum of cooperation between FNI and Baiyin earlier.
In November last year, PGMC’s Cagdianao Nickel expansion project garnered the Presidential Mineral Industry Environmental Award (PMIEA) Titanium Achievement Award for Surface Mining Operation for its exemplary efforts in achieving environmentally and socially responsible mining operations.
Since 2013, PGMC has not experienced any fatal incident and achieved zero lost-time accident which could be attributed to an effective workplace health and safety program.