Consuji-led DMCI Holdings, Inc. is considering merging its two mining subsidiaries – Semirara Mining and Power Corporation (SMPC) and DMCI Mining.
Based on a Manila Bulletin report, DMCI Chairman Isidro Consuji said in the company’s annual stockholders’ meeting that they are currently studying if merging the two mining companies would create value for their two sets of stockholders.
Consuji added that they are studying whether transferring or consolidating DMCI Mining into Semirara would create value for the stockholders of SMPC and DMCI Holdings.
Meanwhile, DMCI is currently waiting for permits for several of its projects in Palawan, which the company hopes would lead to a Mineral Production Sharing Agreement.
While prices of nickel and coal remain elevated, DMCI Holdings still faces other factors including COVID-19 surges, high inflation, and interest rates which could affect the company’s profit.
Consuji said that the only thing they could conclude is that “market volatility and uncertainty will remain elevated for the rest of the year.”
SMPC currently has cut mining operations in Semirara Island, Antique while DMCI Mining has the Berong nickel mine in Quezon, Palawan and nickel ore operations in Sta. Cruz and Candelaria in Zambales.