DMCI earmarks P400M for two nickel mines
DMCI Mining Corp. of the Consunji family is investing P400 million this year to expand its operations as it aims for a “historical” production target of 3 million wet metric tons (WMT).
In a disclosure on Wednesday, DMCI Mining said this year’s capital expenditures are intended for the operation of two new mines located in Zambales and Palawan.
A subsidiary of listed conglomerate DMCI Holdings Inc., DMCI Mining extracts nickel ore through surface mining and ships these directly to markets in China and other countries.
The company, which has been operating a single mine for the majority of 2024, is targeting a combined annual production capacity of 3 million WMT from three mines, including Zambales Diversified Metals Corp.
Although the 2025 capex is lower than the investment of P634 million made last year, DMCI Mining president Tulsi Das Reyes said a company does not “need as much … to start up a nickel mine.”
“We don’t have to spend much, maybe refleet the equipment but not much. A lot of that capex last year was really for Long Point because it was starting from scratch and then a lot of that for this year will be for drilling,” Reyes told reporters.
Reyes was referring to the mine site of subsidiary Zambales Chromite Mining Co., which is in Santa Cruz town in Zambales and expected to reach full operational capacity within the first quarter of this year after starting last December.
