DMCI Mining Reports Flat Nickel Sales in Q1

DMCI Mining Corporation, the mining arm of DMCI Holdings Inc. (PSE: DMC), shipped 156 thousand wet metric tons (WMT) of nickel ore inventory during the first three months of the year, flat from the volume logged last year. Average selling price per metric ton was also flat at $38.

Majority of the shipments, or 106 thousand WMT, came from the old stockpile of Berong Nickel Corp. (BNC) while the rest were from the inventory of Zambales Diversified Metals Corp. (ZDMC).

Average grade of the nickel sold during the period was 1.70 percent, a 12 percent improvement from 1.52 percent last year.

Meanwhile, average cash cost increased 5 percent from $22 to $23.

“Shipping higher grade nickel ore and lower depreciation expenses allowed us to sustain our operations and grow our earnings,” said DMCI Mining President Cesar F. Simbulan.

DMCI Mining recorded a profit of P68 million from January to March this year compared to P15 million during the same period last year, a more than threefold increase (347%).

“We remain optimistic that the suspension and closure orders on BNC and ZDMC will be lifted within the year. Both have shown proof of their compliance to Philippine mining rules and regulations,” Simbulan added.

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