With the Philippines looking to develop its electric vehicle (EV) industry, DMCI president Tulsi Das Reyes believes that this will open new opportunities for the mining sector.
In a roundtable with the media, Das Reyes said that the mining industry became a “sunset business” prior to the growth of the EV industry.
The DMCI official noted that stainless steel pushed the industry prior to growing interest in EVs. “China is the only growth for stainless steel, all other countries in the world (are) slowing down,” he noted.
He stressed that the mining industry now has gained “fresh light” due to the rising demand for EVs on a global scale.
“Without EVs (e-vehicles), we would (have) ended so many other niche markets. So it was a huge impact,” Reyes added.
Companies from the United States, South Korea, and Japan have expressed interest in manufacturing EV batteries in the country, the Department of Trade and Industry earlier said.
Reyes stated that DMCI Mining is in discussions with potential foreign partners, including Indonesian and Chinese companies, to explore options for integrated mineral processing here in the country. However, this will require suitable infrastructure and support from the government.
DMCI Holdings, Inc. earlier said that it is looking to merge DMCI Mining and Semirara Mining and Power Corporation. It is currently assessing if merging the two mining companies would create value for its stockholders.