DMCI mining net income soars 409%

DMCI Mining has shipped 1.24 million wet metric tons (WMT) of nickel ore from January to June, an all-time high for the company and 45 percent higher compared to the 853,000 WWT shipped during the same period last year. Of the total shipments, 718,000 WMT came from Berong Nickel Corp.

(BNC) while Zambales Diversified Metals Corp. (ZDMC) contributed 522,000 WMT.

Average nickel grade of the shipped nickel dropped from 1.37 percent to 1.39 percent while average selling price per metric ton rallied 57 percent from US$28 to $44 owing to China’s surging stainless steel production, strong demand for electric vehicles and the continuing Indonesian nickel ore export ban.

DMCI Mining revenues in the first half grew 123 percent from P1.2 billion to P2.7 billion.

Including a nonrecurring income of P247 million mainly due to deferred tax liability remeasurement and 2020 income tax adjustment under Create Act, its standalone net income soared 409 percent from P241 million to P1.2 billion.

Nickel is mainly used in stainless steelmaking, but is also a vital ingredient for the lithium-ion batteries used to power electric vehicles (EV).

The International Energy Agency estimates that global EVs will grow 14 times to 145 million by 2030. (PR)

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