Berong Nickel Corporation production dipped down to only 16,279 tons of ore for the fourth quarter of 2008.Production was reduced in response to the increasing stock levels, deteriorating markets and onset of the non-shipping window.
In October to February, laterite ore shipments are difficult due to rough sea conditions, making loading unsafe.
In a disclosure to the Philippine Stock Exchange, Atlas Consolidated Mining and Development Corporation reported that a total of 47,995 wet metric tons of nickel laterite ore was shipped to BHP Billiton in Australia last October at an average grade of 1.54% nickel (approximately 492 tons contained nickel on a dry basis) and 34.13% iron. Production and shipping volumes for the full year 2008 was 476,850 tons (53,000 tons lower than 2007).
The Chinese market for laterite ore declined and is expected to remain depressed well into 2009. This is an expected response to the continued depressed LME nickel prices. Anecdotal evidences suggest more than eight million tons of laterite ore currently stockpiled at Chinese ports.
The markets for both the blast furnace process and the electric arc furnace process have been impacted with reports that over 90% of the production capacity have been shut down. Chinese imports for the last quarter are expected to be less than 1.5 million tons, a large portion of which is low grade nickel laterite( <0.9% Nickel) with high iron content which substitutes for higher priced iron ore feed.
Berong is partially insulated from bad Chinese market conditions by BHP Billiton ore supply contract, which provides for supply of up to 500,000 tons per annum of nickel laterite ore until 2013. Negotiations to increase the sales volume to 1MM tons per annum were unsuccessful, with BHP Billiton allocating only 400,000 tons for the entire 2009. Half of this volume can be supplied from presently existing stockpiles, which means full scale mining operations can be deferred until the second half of 2009.
With more than enough stocks to meet the initial shipments to BHP Billiton, all
production activity at Berong has ceased for the time being. Less than 50 people are currently employed at the mine site. The downsizing left more than 600 employees and contractors unemployed in a region with little alternative opportunities.
BNC continues to provide essential services to the community, including operation of the water treatment plant, a medical facility and supply of teachers and educational scholarships.
Wednesday, February 11, 2009
Tuesday, February 3, 2009
Zamboanga 2008 Agriculture Production Down. Corn Dropped 17%
The Philippines' National Census and Statistics Board reported lower agricultural production in Zamboanga peninsula for 2008: palay dropped 0.44%, camote by 5%, corn by 17.24%, abaca by 19%. Higher production was reported for calamansi (9.72%) and cassava (5.57%).
Total palay production output during January to December 2008 for Zamboanga Peninsula decreased by about 0.44 percent or 2,449 metric tons(MT) lower compared to the same period last year (CY 2007) due to decrease in available area for harvesting by about 2.0 percent.
This decrease is due to the damage caused by a flash flood during the 4th quarter of 2008 particularly in Salug valley area in Zamboanga del Sur. Zamboanga Sibugay also suffered from a flash flood last March 8, 2008 that affected the areas of about 499 hectares in Imelda, Diplahan, Siay and partly in Payao.
Tropical depressions Buchoy and Frank also damaged 32 hectares in mid-year, affecting palay production in Zamboanga City.
Total corn production output in Zamboanga Peninsula for January-December 2008 dipped 17.24 percent or 37,870MT. lower compared last year (CY 2007) due to continuous rainfall experienced by almost all provinces in the region, particularly in the province of Zamboanga Sibugay in which 186 hectares were flooded during the first quarter of 2008.
Harvest area also decreased by 16.25 percent due to significant number of marginal farmers temporarily stopped planting corn attributed to high cost of fertilizers. Some farmers shifted to cash crops that can be grown without fertilizer application like Cassava, Mongo and Peanuts.
The selected crops production of Zamboanga Peninsula for calendar year 2008 registered a slight decrease of 1.41 percent or 32,612.89MT. lower compared to the preceding year.
Highlights:
Source: NCSB Press Release
Total palay production output during January to December 2008 for Zamboanga Peninsula decreased by about 0.44 percent or 2,449 metric tons(MT) lower compared to the same period last year (CY 2007) due to decrease in available area for harvesting by about 2.0 percent.
This decrease is due to the damage caused by a flash flood during the 4th quarter of 2008 particularly in Salug valley area in Zamboanga del Sur. Zamboanga Sibugay also suffered from a flash flood last March 8, 2008 that affected the areas of about 499 hectares in Imelda, Diplahan, Siay and partly in Payao.
Tropical depressions Buchoy and Frank also damaged 32 hectares in mid-year, affecting palay production in Zamboanga City.
Total corn production output in Zamboanga Peninsula for January-December 2008 dipped 17.24 percent or 37,870MT. lower compared last year (CY 2007) due to continuous rainfall experienced by almost all provinces in the region, particularly in the province of Zamboanga Sibugay in which 186 hectares were flooded during the first quarter of 2008.
Harvest area also decreased by 16.25 percent due to significant number of marginal farmers temporarily stopped planting corn attributed to high cost of fertilizers. Some farmers shifted to cash crops that can be grown without fertilizer application like Cassava, Mongo and Peanuts.
The selected crops production of Zamboanga Peninsula for calendar year 2008 registered a slight decrease of 1.41 percent or 32,612.89MT. lower compared to the preceding year.
Highlights:
- Abaca dropped 19.92 percent due to lack of striping machine for marginal area, particularly in the province of Zamboanga Sibugay.
- Camote dropped 5.30 percent due to excessive rainfall during the 3rd and 4th quarter of 2008 in the province of Zamboanga del Sur.
- Coconut w/ husk (Matured and Young) dropped by 1.69 percent due to lower yield attributed by long dry spell experienced in some parts of the region beginning 2007.
- Mango dropped in production due to excessive rain causing failure of artificial induction to produce fruits.
- Rubber reduces its volume of production due to defoliations, in some parts of Zamboanga del Sur during the 4th quarter of 2008.
- Calamansi posted an increase of 9.72 due to demand of juice making and processing in both Zamboanga Sibugay and Zamboanga City.
- Banana and Cabbage increased 2.55 percent and 0.53 percent, respectively due to demand and good market value.
- Cassava increased 5.57 percent due increase in area planted, plus support of the San Miguel Corporation and Local Government Units (LGU’s).
Source: NCSB Press Release
Zamboanga 2008 Agriculture Production Up 5.5%
The Philippines' National Census and Statistics Board reported 5.5% higher aquaculture production in Zamboanga peninsula for 2008, with Zamboanga del Sur posting the highest increase of 17.67 percent, due to the unloading of some fishing boats coming from Zamboanga Sibugay province.
Aquaculture production of Zamboanga Peninsula rose mainly due to increase in area harvested and production of seaweeds. Farmers shifted from planting to fishing due to higher income potential, and increase support of the Local Government Units and Bureau of Fisheries and Aquatic Resources (BFAR) in the region.
The production output of commercial fisheries sector in Zamboanga Peninsula went up slightly by 5.49 percent or 33,625.76 MT. higher compared to the same period last year.
The municipal fisheries sector in Zamboanga Peninsula showed 5.52 percent or 6,594.9 MT. higher compared last year. Three provinces contributed to the increased with Zamboanga City posted the highest by 36.93 percent due to the abundance of some pelagic fishes and the distribution by BFAR of fishing gears to some fisher folk and less encroachment of commercial fishing vessels in municipal water.
Source: NCSB Press Release
Aquaculture production of Zamboanga Peninsula rose mainly due to increase in area harvested and production of seaweeds. Farmers shifted from planting to fishing due to higher income potential, and increase support of the Local Government Units and Bureau of Fisheries and Aquatic Resources (BFAR) in the region.
The production output of commercial fisheries sector in Zamboanga Peninsula went up slightly by 5.49 percent or 33,625.76 MT. higher compared to the same period last year.
The municipal fisheries sector in Zamboanga Peninsula showed 5.52 percent or 6,594.9 MT. higher compared last year. Three provinces contributed to the increased with Zamboanga City posted the highest by 36.93 percent due to the abundance of some pelagic fishes and the distribution by BFAR of fishing gears to some fisher folk and less encroachment of commercial fishing vessels in municipal water.
Source: NCSB Press Release
GLOBE Telecom Posts Record High Revenues in 4Q 2008
Manila. Feb 3, 2009. Globe Telecom recorded its highest quarterly revenue performance in the fourth quarter of 2008 with service revenues of P16.3 billion, up 5% quarter-on-quarter and surpassing the previous best of P16.1 billion from the same period in 2007.
In 4Q 2008, Globe maintained its momentum in wireless subscriber acquisitions by adding one million SIMs, ending the year with a total subscriber base of 24.7 million, up 22% from a year ago. Touch Mobile (TM), Globe's mass market brand, led the growth, accounting for 70% of the 4.4 million net additions in 2008, bringing in more than 3 million incremental SIMs. The record performance was driven by strong holiday demand, spurred by compelling mobile and broadband offers launched in the fourth quarter.
Globe also registered its strongest broadband subscriber take-up in 4Q 2008, driven by healthy demand for its wireless broadband offer. This period’s net additions of about 55,000 exceeded the performance of the first three quarters of the year, enabling Globe to close the year with a broadband subscriber base of 234,000, almost double that of 2007.
The continued expansion of the broadband and corporate data businesses helped cushion the impact of the softness in wireless revenues. Full year consolidated revenues of P62.9 billion were flat compared to 2007 due to the combined effects of a weaker macro-environment and more intense market competition. Wireless service revenues declined by 1% to P55.6 billion from previous year’s P56.4 billion, while Innove wireline revenues improved by 7% to P7.3 billion from P6.8 billion in 2007.
Gerardo C. Ablaza, Jr., President and CEO of Globe Telecom, Inc said “Our strong topline performance in the fourth quarter enabled us to regain some of the ground that we lost in the early part of the year. This also gives us momentum going into 2009, even as we brace ourselves for a more challenging year ahead. ...We are encouraged by the resilient growth of both our mobile and broadband subscriber base, and remain committed to delivering products and services that serve the needs of our subscribers at affordable prices.”
Amidst rising consumer prices and stretched household budgets, Globe introduced various service offerings that complement its unlimited texting packages and its unique per-second voice call offer. In the fourth quarter, Globe launched Tawag236 which allows Globe prepaid and postpaid subscribers to make up to 20 minutes of local calls for only P20. It also introduced UnliCalls Nyt which enables Globe and TM prepaid subscribers to log in unlimited voice minutes at off-peak hours for only P20 and P15, respectively. Both promo offerings cover Globe-to-TM and TM-to-Globe calls with the integration of TM’s subscribers to Globe’s network in mid-2008. For the OFW community, following the successful launch of its TipIDD IDD card, Globe introduced a P25 denomination card. TipIDD offers discounted IDD rates to 15 popular destinations.
Globe conducted a series of 3-Day Sale events in major malls to drive subscriber acquisitions. Globe showcased integrated mobile and broadband packages, Barkada Deals for phone kits, as well as affordable payment schemes for the Apple iPhone 3G. Globe opened up broadband to the wider market by bringing down the cost of modems from P4,500 to P2,500. With the lowered entry costs and with the introduction of a prepaid variant in the third quarter, customer take-up for its Visibility wireless broadband service significantly increased, contributing 60% of the fourth quarter’s net additions for the broadband business.
“Demand for both our fixed and mobile broadband services has been very positive and has exceeded our expectations. We expect broadband growth to continue into 2009 with the increasing affordability of the service and the data devices,” Mr. Ablaza added. “For 2009, our objective is to build on the learnings of 2008, sustain our fourth quarter gains and step up growth for all our businesses. While we will adapt to changes in near-term demand with the slowing economy, we will continue to invest and set our sights on the long-term,” Mr. Ablaza concluded.
Globe reaffirmed its commitment to its dividend policy of distributing 75% of prior year’s net income and to achieving an optimum capital structure. In its meeting today, the Board of Directors declared the first semi-annual cash dividend of P32 per common share, payable to shareholders of record as of February 17, 2009. A total of P4.2 billion in dividends will be paid on March 10, 2009.
In 4Q 2008, Globe maintained its momentum in wireless subscriber acquisitions by adding one million SIMs, ending the year with a total subscriber base of 24.7 million, up 22% from a year ago. Touch Mobile (TM), Globe's mass market brand, led the growth, accounting for 70% of the 4.4 million net additions in 2008, bringing in more than 3 million incremental SIMs. The record performance was driven by strong holiday demand, spurred by compelling mobile and broadband offers launched in the fourth quarter.
Globe also registered its strongest broadband subscriber take-up in 4Q 2008, driven by healthy demand for its wireless broadband offer. This period’s net additions of about 55,000 exceeded the performance of the first three quarters of the year, enabling Globe to close the year with a broadband subscriber base of 234,000, almost double that of 2007.
The continued expansion of the broadband and corporate data businesses helped cushion the impact of the softness in wireless revenues. Full year consolidated revenues of P62.9 billion were flat compared to 2007 due to the combined effects of a weaker macro-environment and more intense market competition. Wireless service revenues declined by 1% to P55.6 billion from previous year’s P56.4 billion, while Innove wireline revenues improved by 7% to P7.3 billion from P6.8 billion in 2007.
Gerardo C. Ablaza, Jr., President and CEO of Globe Telecom, Inc said “Our strong topline performance in the fourth quarter enabled us to regain some of the ground that we lost in the early part of the year. This also gives us momentum going into 2009, even as we brace ourselves for a more challenging year ahead. ...We are encouraged by the resilient growth of both our mobile and broadband subscriber base, and remain committed to delivering products and services that serve the needs of our subscribers at affordable prices.”
Amidst rising consumer prices and stretched household budgets, Globe introduced various service offerings that complement its unlimited texting packages and its unique per-second voice call offer. In the fourth quarter, Globe launched Tawag236 which allows Globe prepaid and postpaid subscribers to make up to 20 minutes of local calls for only P20. It also introduced UnliCalls Nyt which enables Globe and TM prepaid subscribers to log in unlimited voice minutes at off-peak hours for only P20 and P15, respectively. Both promo offerings cover Globe-to-TM and TM-to-Globe calls with the integration of TM’s subscribers to Globe’s network in mid-2008. For the OFW community, following the successful launch of its TipIDD IDD card, Globe introduced a P25 denomination card. TipIDD offers discounted IDD rates to 15 popular destinations.
Globe conducted a series of 3-Day Sale events in major malls to drive subscriber acquisitions. Globe showcased integrated mobile and broadband packages, Barkada Deals for phone kits, as well as affordable payment schemes for the Apple iPhone 3G. Globe opened up broadband to the wider market by bringing down the cost of modems from P4,500 to P2,500. With the lowered entry costs and with the introduction of a prepaid variant in the third quarter, customer take-up for its Visibility wireless broadband service significantly increased, contributing 60% of the fourth quarter’s net additions for the broadband business.
“Demand for both our fixed and mobile broadband services has been very positive and has exceeded our expectations. We expect broadband growth to continue into 2009 with the increasing affordability of the service and the data devices,” Mr. Ablaza added. “For 2009, our objective is to build on the learnings of 2008, sustain our fourth quarter gains and step up growth for all our businesses. While we will adapt to changes in near-term demand with the slowing economy, we will continue to invest and set our sights on the long-term,” Mr. Ablaza concluded.
Globe reaffirmed its commitment to its dividend policy of distributing 75% of prior year’s net income and to achieving an optimum capital structure. In its meeting today, the Board of Directors declared the first semi-annual cash dividend of P32 per common share, payable to shareholders of record as of February 17, 2009. A total of P4.2 billion in dividends will be paid on March 10, 2009.
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