NICKEL ASIA Corp. on Wednesday said that it expects the operation of its three new mines to bolster the company’s nickel production amid increased demand.
“Our three new nickel projects, namely Dinapigue, Bulanjao, and Manicani, will supplement our annual nickel ore production volumes to help supply the ever-growing demand for nickel ore driven by both the stainless steel and electric vehicle (EV) markets,” Nickel Asia President and Chief Executive Officer Martin Antonio G. Zamora said in a statement.
Mr. Zamora added that the company has pipelined three new renewable energy projects to increase its goal of one gigawatt by 2028.
The company is expecting to start construction of the Subic-Cawag solar project by the fourth quarter of 2024.
Commercial operations are expected in the fourth quarter of the following year.
The company said that its solar project in Leyte is planned to be completed by the first quarter of next year. It is a joint venture between its unit Emerging Power, Inc. and Shell Overseas Investments B.V.
“Pre-development activities for a 45-MWp (megawatt-peak) solar project in Botolan, Zambales, are also ongoing,” it added.
For the second quarter, Nickel Asia reported that revenues declined by 3.7% to P5.81 billion from P5.82 billion a year ago.
The sale of ore and limestone for the April to June period slipped by 0.17% to P5.81 billion from P5.82 billion in 2023.
For the first semester, the company reported that its net income fell by 59.3% to P1.12 billion compared to P1.75 billion in the same period last year.
Revenues declined by 14.8% to P9.29 billion from P10.92 billion in the same period last year.
Due to lower nickel ore prices, the company’s ore and limestone sales dropped by 16.7% to P7.8 billion from P9.37 billion.
“The company realized P57.5 per US dollar from these nickel ore sales, a 4% increase from P55.33 last year,” it said.
The weighted average nickel ore sales price declined by 26% to $16.60 per wet metric ton (WMT) from $22.32 per WMT in the same period last year.
Shares of Nickel Asia rose by 4.76%, or 15 centavos, to close at P3.3 per share on Wednesday. — Adrian H. Halili
