DMCI Mining Corp. reported its nickel shipments stood at 156,000 wet metric tons (WMT) during the first quarter, flat compared to the same period a year ago.
In a statement, the Consunji-led miner said the average selling price per metric ton of nickel was also flat at $38.
The bulk or 106,000 WMT of nickel ore were from an old stockpile of Berong Nickel Corp. (BNC), with the rest from the inventory of Zambales Diversified Metals Corp. (ZDMC).
DMCI Mining said the average grade of the nickel sold during the first quarter was 1.70%, a 12% improvement the previous year.
However, average cash cost went up 5% to $23 from $22.
“Shipping higher grade nickel ore and lower depreciation expenses allowed us to sustain our operations and grow our earnings,” DMCI Mining President Cesar F. Simbulan was quoted as saying.
DMCI Mining earlier reported its profit surged 347% to P68 million during the first three months of the year, from P15 million a year ago. Revenues also increased to P308 million from P299 million.
“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,” Mr. Simbulan added.
Amid the crackdown on mining firms last year, the Department of Environment and Natural Resources issued an order of closure against ZDMC, and an order of suspension against BNC. DMCI Mining is currently appealing the Office of the President to reopen the cases against ZDMC and BNC.
