DMCI Mining Corp. is set to begin operating two mining sites by next year, its top official said over the weekend.
Tulsi Das C. Reyes, DMCI Mining president, told reporters that one of its mine sites in Zambales is expected to begin operations during the first quarter of 2024.
“[By the first quarter], it is 100% operational that I am sure, backhoe on the ground,” Mr. Reyes added.
DMCI Mining said earlier that it would spend about P250 million to develop a nickel mine in Zambales.
The site, to be operated by subsidiary Zambales Chromite Metals Corp., is estimated to produce about 20 million metric tons (MT) of ore.
Mr. Reyes added that the company might begin operations of the other mine site during the second quarter of next year. The new mine site has an estimated 70 million MT of ore.
“The area is much bigger,” he said, without disclosing the location of the mine.
“In Zambales, we just need site development like roads and equipment purchases. [For] the [other mine site] we’d need new ports, site development and equipment. It’s bigger than Zambales,” he said.
For the third quarter, the company reported a net loss of P171 million mainly due to lower selling prices and higher costs.
Its revenues for the period fell by 34% to P158 million, from P240 million in the same period last year, due to lower selling prices that muted the impact of higher shipments.
Operating expenses rose by 53% to P197 million from P129 million due to costs incurred by Berong Nickel Corp. and Zambales Diversified Metals Corp.
In an earlier stock market disclosure, the company said it was seeking permits to secure at least 200 million MT of nickel resources. The move would allow the company to invest in a processing plant.
DMCI Mining is a subsidiary of the listed holding firm DMCI Holdings, Inc. — Adrian H. Halili