Posted on 16 Jun 2023
Philippines miner DMCI Mining is targeting to ship 1.5 million wet metric tonnes (wmt) of nickel ore in 2023, Kallanish notes.
This was after its subsidiary Zambales Diversified Metals Corporation (ZDMC) was granted an Environmental Compliance Certificate (ECC) in January to produce 2 million wmt of nickel ore.
Prior to the ECC issuance, ZDMC was only allowed to extract 1 million wmt of nickel ore.
“We have the necessary facilities and mitigating measures to minimize the impact of our operations on the environment. With these in place, we’re targeting to produce anywhere between 1.7 million to 2 million tonnes of nickel ore this year,” DMCI Mining president Tulsi Das C. Reyes says.
From January to March, ZDMC nickel ore production soared by 88% from 318,000 wmt to 599,000 wmt, its highest-ever quarterly output.
This led to a 16% increase in total inventory, from 154,000 wmt to 178,000 wmt.
However, total shipments declined by 21% from 620,000 wmt to 487,000 wmt, owing to the depletion of its Berong Nickel Corp (BNC) mine and stockpile, cushioned by a double-digit growth in ZDMC shipments.
Its average selling price also increased by 11% from $44 to $49 owing to higher ZDMC shipments of higher-grade nickel ore.
Despite the mine and stockpile depletion of BNC, DMCI Mining standalone revenues by only 8% from PHP 1.4 billion ($25.04m) to PHP 1.3 billion. This was due to better selling prices, while reported net income contracted by 15% from PHP 543 million to PHP 463 million.
Source:Kallanish
