Metro Manila (CNN Philippines, March 3) — The mining unit of Consunji-led DMCI Holdings Corp. booked its most profitable year yet on the back of record nickel ore shipments.
DMCI Mining Corporation said Thursday its net income in 2021 reached ₱1.7 billion against the previous year’s ₱575 million, owing to the 18% shipping volume increase realized in the period further boosted by surging nickel prices.
Last year, the company shipped 1.9 million wet metric tons (WMT) of nickel ore, higher than the 1.6 WMT the prior 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.
According to its president Tulsi Das Reyes, 2021 was a “banner year” for DMCI Mining.
“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,” Reyes was quoted as saying in a statement.
The firm’s revenues also climbed by 63% to ₱4 billion versus the ₱2.5 billion generated a year earlier.
However, due to the rising tensions between Russia and Ukraine, Reyes said they expect “significant market volatility.”
“The economic sanctions on Russia will lead to significant supply disruptions,” Reyes said.
