Philippines-based nickel miner, Global Ferronickel Holdings Inc (FNI), is reportedly looking to expand into the cement industry, adding to its existing nickel and ports businesses. According to Malaya Business Insight, the company is hoping to tap into the significant growth potential of the construction and infrastructure sectors. FNI is also looking to establish a battery-grade nickel plant and a steel plant to take advantage of the current opportunities in the renewable energy and electric vehicle sectors.
In March 2023, FNI acquired an 88 per cent stake in Mariveles Harbor Corp and a majority share in Seasia Nectar Port Services Inc. The opening quarter of 2023 saw FNI report a first-quarter profit for the first time in its history, with revenues of PHP1.1bn (US$19.9m) and net income of PHP358.8m.
