August 16, 2018 at 06:45 pm
Jenniffer B. Austria
DMCI Mining Corp. said Thursday it expects a significant drop in nickel shipments in the second half after a strong performance in the first half.
DMCI Mining president Cesar Simbulan Jr. said while the company enjoyed a strong first-half performance, the company’s dwindling inventory and the current weather condition were making it difficult for the company to make shipments.
“We are expecting a drastic drop in nickel shipments in the second half because our old stockpile is nearly depleted. Weather conditions will also make it difficult for us to ship what is left in our inventory,” he said.
DMCI Mining has 100,000 to 150,000 metric tons of mid-grade stockpile left in its Zambales mine and 500,000 MT of stockpile in Palawan mine. DMCI Mining recorded an 88-percent improvement in nickel shipments in the first half to 482,762 wet metric tons from 257,120 WMT a year ago.
Majority of the shipments came from the old stockpile of Berong Nickel Corp.
DMCI Mining reported a net income of P316 million in the first half, a 731 percent increase from P38 million a year ago, as revenues surged 114 percent to P978 million from P458 million.