DMCI Mining Corporation nearly tripled its net income to P1.7 billion last year, its highest ever, from P575 million in 2020 on the back of record shipments coupled with surging nickel prices.
In a disclosure to the Philippine Stock Exchange, the firm said it shipped 1.9 million wet metric tons (WMT) of nickel ore in 2021, 18 percent higher from 1.6 WMT the prior year and an all-time high for the company.
DMCI Mining President Tulsi Das C. Reyes said “2021 was a banner year for us. We were able to take advantage of the strong China demand and elevated nickel prices because our two mining assets were operational the whole year.”
Of the total nickel ore shipments, more than 1 million WMT came from Berong Nickel Corporation (BNC) while Zambales Diversified Metals Corporation (ZDMC) accounted for nearly 900,000 WMT.
Average selling prices jumped 40 percent from US$30 to US$42 on low global inventory amid a stronger-than-expected recovery in stainless steel production, steady build-up in electric vehicle battery demand and the continuing Indonesian nickel ore export ban.
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The article was originally published in Manila Bulletin and written by James A. Loyolo.
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