DMCI Mining Corp. reported that it is targeting to ship 1.5 million wet metric tons (WMT) of nickel ore in 2023, after its subsidiary Zambales Diversified Metals Corp. (ZDMC) was granted an Environmental Compliance Certificate (ECC) in January to produce two million WMT of nickel ore.

Prior to the ECC issuance, ZDMC had been only allowed to extract one million WMT.

DMCI Mining president Tulsi Das Reyes said the company has the “necessary facilities and mitigating measures to minimize the impact of our operations on the environment.”

From January to March this year, ZDMC nickel ore production soared by 88 percent from 318,000 WMT to 599,000 WMT, its highest-ever quarterly output.

This led to a 16-percent improvement in total inventory, from 154,000 WMT to 178,000 WMT. However, total shipment declined by 21 percent from 620,000 WMT to 487,000 WMT owing to the depletion of the BNC mine and stockpile, cushioned by the double-digit growth of ZDMC shipment.

Average selling price increased by 11 percent from US$44 to US$49 owing to higher Zambales shipments of higher-grade nickel ore.

Despite the mine and stockpile depletion of Berong, DMCI Mining standalone revenues narrowly declined (-8 percent) from P1.4 billion to P1.3 billion due to better selling prices while reported net income contracted by 15 percent from P543 million to P463 million. (PR)