Listed mining firm Global Ferronickel Holdings Inc. (FNI) announced the renewal of its Mineral Production Sharing Agreement (MPSA) for the Ipilan Nickel Project in Brooke’s Point, Palawan, a key development supporting the company’s expansion and long-term diversification goals.
In a disclosure to the Philippine Stock Exchange on Wednesday, FNI confirmed that the Department of Environment and Natural Resources (DENR) granted the renewal on 14 May 2025. The agreement covers approximately 2,835 hectares.
FNI president Dante Bravo said the company is now awaiting the government’s action on its pending application to amend its Environmental Compliance Certificate (ECC) to support an increase in annual production from 1.5 million to 3 million wet metric tons (WMT). “We are also looking at exploring other areas for nickel resource banking as part of our long-term strategy to aid our local value-added processing plans,” Bravo added.
The ECC amendment, once approved, is expected to boost local employment, increase Indigenous Peoples’ royalty shares, raise government tax revenues, and enhance the Social Development Management Program (SDMP) contributions.
The MPSA renewal comes on the heels of strong financial performance by FNI. In Q1 2025, the company reported a 1,567 percent surge in net income to P177.3 million, driven by improved shipment volumes and higher nickel ore prices. Revenue also rose 105 percent year-on-year to P1.21 billion, with shipment volume increasing by 32.5 percent to 505,459 WMT, and average realized nickel prices climbing 50 percent to USD41.13 per WMT.
FNI, through its principal subsidiary Platinum Group Metals Corp., is the second-largest nickel ore producer in the Philippines and is actively expanding into value-added nickel processing, cement manufacturing, and port logisticsas part of its broader commercial strategy.
