DMCI Mining Corp. saw its net income decline by 19 percent to P254 million in the first six months of the year from P316 million in the same period in 2018 due to lower nickel prices.
In a disclosure on Tuesday, parent company DMCI Holdings Inc., said its mining unit posted revenues of P985 million “as its shipment of mostly lower grade nickel commanded lower average selling price.”
Average selling price in the first half dropped by 28 percent to $28 from $39, it added.
Shipments of nickel ore, which all came from Berong Nickel Corp., jumped by 41 percent to 681,000 wet metric tons (WMT) in the January-to-June period from 483,000 WMT a year ago.
Meanwhile, DMCI Mining also disclosed that its other nickel asset, Zambales Diversified Metals Corp. (ZDMC), met the conditions set by the Department of Environment and Natural Resources (DENR) for the lifting of the suspension imposed in November 2018.
“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,” DMCI Mining President Cesar F. Simbulan, Jr. was quoted as saying in the disclosure.
“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 added.
DMCI Holdings shares climbed by 9 centavos or .99 percent to close at P9.22 apiece on Tuesday.