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DMCI Mining Net Income Down by 19% in H1 2019

Mining News - Published on Thu, 29 Aug 2019

Image Source: gmanetwork.com
Manila Times reported that DMCI Mining Corp saw its net income decline by 19 percent to P254 million in the first six months of the year from P316 million in the same period in 2018 due to lower nickel prices. Parent company DMCI Holdings Inc, said its mining unit posted revenues of P985 million as its shipment of mostly lower grade nickel commanded lower average selling price. Average selling price in the first half dropped by 28 percent to USD 28 from USD 39. Shipments of nickel ore, which all came from Berong Nickel Corp, jumped by 41 percent to 681,000 wet metric tonnes in the January-to-June period from 483,000 WMT a year ago.

Meanwhile, DMCI Mining also disclosed that its other nickel asset, Zambales Diversified Metals Corp, met the conditions set by the Department of Environment and Natural Resources for the lifting of the suspension imposed in November 2018.

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Posted By : Rabi Wangkhem on Thu, 29 Aug 2019
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