Reuters reported that Nickel Asia Corporation had signed a deal to supply close to 2 million wet metric tonnes of lateritic nickel ore to China's Baosteel Resources Co Limited in 2012.

The volume accounts for about half of Baosteel Resources' annual import requirements, the local miner said in a statement. Pricing details were not disclosed.

Baosteel Resources is a wholly owned unit of Baosteel Group or Baoshan Iron & Steel, China's largest listed steelmaker.

Mr Gerard Brimo president of Nickel Asia said that "This represents a significant milestone for both companies, the result of a mutually beneficial cooperation between two industry leaders."

He also said Nickel Asia's Taganito mine in the southern Surigao del Norte province has completed its first shipment of nickel ore following the raid by Maoist rebels in early October 2011. He added that shipments from Taganito from January 2011 to November 2011 period are expected to hit 10 million WMT.

(Sourced from www.reuters.com)