AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
No Result
View All Result
Home Business

DMCI Mining posts Php1.7B record-high profit

High nickel ore demand from China did it.

AngMinero News by AngMinero News
March 7, 2022
in Business, News
26 2
0
DMCI to decommission Berong mine
84
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Consunji-led DMCI Mining Corporation posted a record-high core net income of Php1.7 billion in 2021, nearly thrice its 2020 profit of Php575 million.

DMCI Mining’s revenue grew 63% more to Php 4 billion from the previous year’s Php2.5 billion. This excludes a nonrecurring income of Php247 million due to deferred liability remeasurement.

“2021 was a banner year for us. We were able to take advantage of the strong China demand and elevated nickel prices because our two mining assets were operational the whole year,” DMCI Mining President Tulsi Das Reyes said in a statement.

DMCI Mining was able to ship out 1.9 million wet metric tons (WMT) of nickel – 18% higher than 2020’s 1.6 WMT. Subsidiary Berong Nickel Corporation contributed one million WMT, while Zambales Diversified Metals Corporation accounted for around 900,000 WMT of nickel ore.

Late last year, the company said it was decommissioning the Berong mine, located in Quezon, Palawan.

The average nickel grade of the company’s shipped nickel also improved from 1.33% to 1.36%.

“We expect significant market volatility due to the worsening conflict between Russia and Ukraine. The economic sanctions on Russia will lead to significant supply disruptions,” Reyes added.

Russia is a major exporter of high-grade nickel to Europe and China.

According to a BusinessMirror report, average selling prices of nickel ore went up by 40% to $42 versus $30 on low global inventory amid a stronger-than-expected recovery in stainless steel production, steady build-up in electric vehicle battery demand, and the ongoing nickel ore export ban in Indonesia.

DMCI Mining is a wholly-owned subsidiary of DMCI Holdings, Inc.

 

Tags: Consunji groupDMCI Mining CorporationNickel MiningNickel orePhilippine Stock ExchangePSE

Related Posts

Pure Energy Group firms acquire 71.68% stake in Coal Asia for PHP220.9 million
Business

Pure Energy Group firms acquire 71.68% stake in Coal Asia for PHP220.9 million

October 7, 2025
5 ‘Minahang Bayan’ sites in Davao Region get DENR clearance for small-scale mining
News

5 ‘Minahang Bayan’ sites in Davao Region get DENR clearance for small-scale mining

October 7, 2025
OceanaGold names Brian Martin as new chairman of Philippine subsidiary
News

OceanaGold names Brian Martin as new chairman of Philippine subsidiary

October 6, 2025
Nickel Asia’s Hinatuan Mining wins Best Practices in Distribution at ASEAN Mineral Awards
News

Nickel Asia’s Hinatuan Mining wins Best Practices in Distribution at ASEAN Mineral Awards

October 6, 2025
Didipio Mine Opens DMTG Scholarship for Mining and Geoscience Students
News

Palawan mining ban stands despite DILG advisory cited in Ipilan Nickel hearing –ELAC

October 1, 2025
MGB Places Field Teams on Higher Alert for Typhoon Nando
News

MGB Trains Staff on Drone Operations to Strengthen Mining Oversight

October 1, 2025

FEATURED POST

Pure Energy Group firms acquire 71.68% stake in Coal Asia for PHP220.9 million

Pure Energy Group firms acquire 71.68% stake in Coal Asia for PHP220.9 million

October 7, 2025
5 ‘Minahang Bayan’ sites in Davao Region get DENR clearance for small-scale mining

5 ‘Minahang Bayan’ sites in Davao Region get DENR clearance for small-scale mining

October 7, 2025
OceanaGold names Brian Martin as new chairman of Philippine subsidiary

OceanaGold names Brian Martin as new chairman of Philippine subsidiary

October 6, 2025
Nickel Asia’s Hinatuan Mining wins Best Practices in Distribution at ASEAN Mineral Awards

Nickel Asia’s Hinatuan Mining wins Best Practices in Distribution at ASEAN Mineral Awards

October 6, 2025

EDITOR PICK'S

Pure Energy Group firms acquire 71.68% stake in Coal Asia for PHP220.9 million

October 7, 2025

5 ‘Minahang Bayan’ sites in Davao Region get DENR clearance for small-scale mining

October 7, 2025

OceanaGold names Brian Martin as new chairman of Philippine subsidiary

October 6, 2025

Nickel Asia’s Hinatuan Mining wins Best Practices in Distribution at ASEAN Mineral Awards

October 6, 2025

Ajoc: Caraga to lead in DOST’s push for sustainable mining practices

October 1, 2025

DOST invests PHP300M in critical minerals R&D to boost sustainable mining

October 1, 2025

SRK’s Ben Jupp: AI and machine learning to reshape mineral exploration

October 1, 2025

Recent News

Pure Energy Group firms acquire 71.68% stake in Coal Asia for PHP220.9 million

Pure Energy Group firms acquire 71.68% stake in Coal Asia for PHP220.9 million

October 7, 2025
5 ‘Minahang Bayan’ sites in Davao Region get DENR clearance for small-scale mining

5 ‘Minahang Bayan’ sites in Davao Region get DENR clearance for small-scale mining

October 7, 2025

Category

  • Business
  • Features
  • News
  • Uncategorized

Follow us

  • Setup menu at Appearance » Menus and assign menu to Footer Navigation

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In