DMCI Mining Corp., a unit of publicly listed DMCI Holdings Inc., on Tuesday said its shipment of nickel ore grew 41 percent during the first half of the year, even though the company has not been able to mine all of its sites.
The company said it shipped 343 thousand wet metric tons during the second quarter, raising its total shipment in the first semester to 681 thousand WMT, a 41-percent increase from the 483 thousand WMT it shipped during the same period last year.
All of the shipments came from Berong Nickel Corp.
DMCI Mining’s other nickel asset, Zambales Diversified Metals Corp. (ZDMC), has complied with the conditions set by the Department of Environment and Natural Resources for the lifting of its November 2018 suspension order.
“The Mines and Geosciences Bureau reviewed the remedial actions taken by ZDMC last April 2019, and confirmed that all the specified conditions of DENR have been met,” DMCI Mining President Cesar F. Simbulan Jr., said.
“MGB has also recommended the lifting of the suspension. Hopefully, the DENR central office will reach a decision before the end of this year,” he said.
On a stand-alone basis, DMCI Mining recorded flat revenues of P985 million in the first half of 2019 as its shipment of mostly lower-grade nickel commanded a lower average selling price.
Average nickel grade during the period dropped 8 percent from 1.73 percent to 1.6 percent. Average selling price fell 28 percent to $28 from $39.
In the first six months of the year, DMCI Mining saw its stand-alone net income decline 19 percent year-on-year from P316 million to P254 million.