DMCI Mining to raise 2016 ore shipments

MANILA, Nov. 13 (PNA) — DMCI Mining Corporation, a wholly-owned unit of DMCI Holdings, Inc., is preparing to increase its nickel ore shipments by 56 percent to 2.5 million wet metric tons (WMT) in 2016.

This year, the company expects its total shipment volume to reach 1.6 million WMT.

“There is continued softening of ore prices because of weak global demand and high metal inventories. We are keeping a tight control over our costs to keep our pricing competitive,” said DMCI Mining Vice President for Business Development Tulsi Das C. Reyes.

Around Php300 million has been allotted by the Consunji-owned company for capital expenditures this year, which will be used to acquire heavy equipment for mining preparations.

The same amount has been set aside for 2016 to sustain its equipment purchases and production ramp-up.

“We expect 2016 to be challenging given the market conditions. But we are optimistic that our efficiency measures, coupled with the prolonged El Niño-induced dry season will allow us to boost our production and shipment levels next year,” Reyes added.

DMCI Mining was established in 2007 to engage in ore and mineral mining and exploration. It uses open pit technique to extract nickel, chromite and iron laterite for direct shipping to China and Japan. (PNA)