Bilyonaryo - Business

DMCI Mining sustains record setting performance as Q1 core profit jumps to P543M

DMCI Mining Corp. posted its highest quarterly core net income on higher shipment volumes and favorable foreign exchange rates.
In a financial report filed with securities regulators, DMCI Mining said core earnings grew by 14 percent to P543 million as revenues expanded by 25 percent to P1.4 billion.
Despite the depletion of its Berong mine, DMCI Mining boosted its total shipments by 26 percent to 620,000 WMT on the back of its robust beginning inventory of 389,000 WMT.
“We had a very good start to the year. Unfortunately, without a second operating asset, it would be impossible to maintain our output. Our main challenge now is securing the necessary permits to expand our operations,” said DMCI Mining president Tulsi Das C. Reyes.
From January to March, total production declined by 43 percent to 318,000 WMT on the nil production of Berong Nickel Corp. (BNC) and five percent increase output of Zambales Diversified Metals Corp. to 318,000 WMT.
Average selling price slipped by five percent to 1.30 as BNC sold lower-grade nickel amid higher shipments from ZDMC.
Reyes said DMCI Mining is looking to expand its mining operations by another 3,500 hectares, which have a potential nickel resource of over 200 million WMT.
Once fully permitted, these additional operating assets can sustain the company for at least 50 years.