Platinum Group Metals Wins Baosteel Contract

Philippine Stock Exchange (PSE)-listed Global Ferronickel Holdings Inc (FNI) announced today that its subsidiary, Platinum Group Metals Corporation (PGMC), has been awarded an annual contract to supply 1 million wet metric tons (WMT) to Baosteel Resources International Co Ltd (Baosteel Resources) at prevailing market price.

PGMC has been supplying Baosteel Resources with high to medium grade saprolite ore and medium to low grade limonite ore since 2014.

Early this year, PGMC had also signed supply agreements for the delivery of up to 3 million WMT.

The award of Baosteel Resources increases PGMC’s take-up to 4 million WMT – about 70 per cent of its expected shipment of 6 million WMT for the year.

Headquartered in Hong Kong, Baosteel Resources is a wholly owned subsidiary of Baosteel Group focused on global distribution of mineral resources through investment, trade and logistics services.

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In 2015, Baosteel Group ranked 5th largest company among iron and steel enterprises and 218th overall on the Fortune Global 500 Companies, which it has been consistently recognized for 12 consecutive years.

Meanwhile, PGMC, immediately dispatched its Disaster Response Team to provide emergency assistance to local residents affected by the magnitude-6.7 earthquake that recently struck the province of Surigao.

According to Atty. Dante R. Bravo, president of FNI, the Company deployed water trucks to bring emergency bulk water supply and distributed food supplies and safe drinking water to more than 7,000 families.

“We are also supporting the rebuilding efforts of at least 50 vulnerable families whose homes have been severely damaged. While the full extent of the damage to the local community is still being assessed, we will continue to work closely with the local government to ensure timely and targeted support is provided to the people of Surigao at this time of need,” Atty. Bravo adds.

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The Company would also like to report that after a thorough inspection, the mine site located at Barangay Cagdianao, Claver, Surigao del Norte, was unaffected by the earthquake. All safety systems and protocols were observed.

There were no reported injuries among employees and the mining facilities and infrastructure surrounding the area sustained no damage. – BusinessNewsAsia.com

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