Thursday, October 16, 2008 Firm mulls cutting mining operations in Zambales
LISTED company DMCI Holdings Inc. is studying the possibility of reducing its mining operations in Zambales Province.
Aldric Borlaza, finance officer of DMCI Mining Corporation, said there was no official decision yet from the firm, but they are now evaluating the current situation.
“There is no decision yet to suspend the operation, but DMCI Mining considers scaling down the operations if the prices of nickel in the world market continue to drop,” Borlaza said in his disclosure to the Philippine Stock Exchange.
The company, together with its Australian partner-Rusina Mining NL, is planning to temporarily suspend the operations of its nickel in the mine site in Zambales.
From a high of US$50,000 per metric ton, the prices of nickel dropped to US$12,000 as demand from nickel users like the stainless steel plants and nickel smelter particularly from China decline.
DMCI Mining is a 60-40 partnership between DMCI Holdings and Rusina Mining NL, with DMCI controlling the majority.
Aside from nickel, DMCI is also engaged in construction industry as well as the management of the Semirara coal mine in Antique Province. (MSN/Sunnex)
