DMCI Mining ramps up shipments.
By James A. Loyola
DMCI Mining Corporation boosted its shipments by 41 percent to 681,000 wet metric tons of nickel ore in the first half of 2019 from the 483,000 WMT sold in the same period last year.
In a statement, the firm said it shipped 343,000 WMT of nickel ore in the second quarter of the year alone. All of the shipments came from Berong Nickel Corporation (BNC).
DMCI Mining's other nickel asset, Zambales Diversified Metals Corporation (ZDMC), has complied with the conditions set by the Department of Environment and Natural Resources (DENR) for the lifting of its November 2018 suspension order.
"The Mines and Geosciences Bureau [MGB] reviewed the remedial actions taken by ZDMC last April 2019, and confirmed that all the specified conditions of DENR have been met," said DMCI Mining President Cesar F. Simbulan, Jr.
He added that, "MGB has also recommended the lifting of the suspension. Hopefully, the DENR central office will reach a decision before the end of this year."
On a standalone basis, DMCI Mining recorded flat revenues of P985 million in the first half of 2019 as its shipment of mostly lower grade nickel commanded lower average selling price.
Average nickel grade during the period dropped 8 percent from 1.73 percent to 1.60 percent. Consequently, average selling price fell 28 percent from US$39 to US$28.
In the first six months of the year, DMCI Mining saw its standalone net income decline 19 percent year-on-year from P316 million to P254 million.
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|Title Annotation:||Business News|
|Date:||Aug 27, 2019|
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