Rapid Development and Production Goals
DMCI Mining Corp., a subsidiary of DMCI Holdings Inc., announced that its new nickel mine in Zambales is on track to be fully operational by the first quarter of 2024. DMCI Mining Corp. President Tulsi Das Reyes expressed confidence in achieving this timeline, signaling a significant expansion in the company's mining operations.
Zambales Chromite Metals Corp. Takes Charge
The new mine, situated within the Zambales Diversified Metals Corp. (ZDMC) compound, will be managed by Zambales Chromite Metals Corp. (ZCMC). With an estimated production capacity of 20 million metric tons, the company has allocated P250 million for the site's development.
Record Production and Environmental Compliance
ZDMC reported reaching a record high in nickel ore production, amounting to 1.3 wet metric tons (WMT) by the end of September. This surge in production follows ZDMC's successful acquisition of an environmental compliance certificate, allowing them to increase their output from 1 million to 2 million metric tons starting January 2023.
Financial Performance and Future Outlook
In the first half of 2023, DMCI Mining reported a net income of P708 million, a 35% decrease from the previous year's P1.09 billion. Despite this, the company's production in the first six months nearly doubled year-on-year, reaching 1.12 million WMT, which is close to surpassing the full-year output of 2022.
