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Print【Ferro-Alloys.com】Nickel Asia Corp. has secured the approval of the Securities and Exchange Commission to increase its authorized capital stock to P2.14 billion from P800 million.
The nickel miner said in a disclosure to the stock exchange the capital hike would cover the planned stock rights offering.
“The company is seeking approval of the Philippine Stock Exchange for the listing of the stock dividend shares,” the mining company said.
Nickel Asia reported earlier net income in the first half of the year declined 26 percent to P1.27 billion from P1.73 billion in the same period last year due to lower nickel prices.
Total volume of nickel sold and delivered from four operating mines rose to 5.02 million wet metric tons in the first six months of the year from 4.22 million WMT in 2011.
Nickel price for the 2.37 million WMT of ore shipped in the first half averaged $8.60 per pound against $11.48 per pound in the same period last year.
The balance of shipments sold in the first half was on the basis of negotiated price, which averaged $25.87 per WMT of ore compared with $21.73 WMT of ore in the same period last year.
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