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Consunji-led DMCI Mining Corp. saw its bottom line soar nearly triple last year on the back of record-high nickel ore shipments.
In a disclosure to the Philippine Stock Exchange on Thursday, DMCI Mining declared a net income of P1.7 billion, up from P575 million in 2020.
According to the company, this was due to “record shipments, coupled with surging nickel prices.”
DMCI Mining said it shipped 1.9 million wet metric tons (WMT) of nickel ore in 2021, 18% higher from 1.6 WMT shipped in 2020 and an all-time high for the company.
“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,” said DMCI Mining president Tulsi Das Reyes.
Of the total nickel ore shipments, more than one million WMT came from Berong Nickel Corp. (BNC) while Zambales Diversified Metals Corp. (ZDMC) accounted for nearly 900,000 WMT, DMCI Mining said.
The company said average selling prices jumped 40% from $30 to $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.
DMCI Mining also reported that revenues grew 63% to P4 billion in 2021 from P2.5 billion in 2020.
“We expect significant market volatility due to the worsening conflict between Russia and Ukraine. The economic sanctions on Russia will lead to significant supply disruptions,” said Reyes.
Accounting for roughly 7% of global nickel production, Russia is a major exporter of high-grade nickel to Europe and China, according to DMCI Mining.
London Metal Exchange (LME) Nickel prices hit $26,105 per ton on February 24, the highest level in more than 10 years, as Russia began its invasion of Ukraine, it added. — VBL, GMA News
DMCI Mining net income soars to P1.7B in 2021
Source: News Panda Philippines
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