News and Announcements
News & Announcements
DMCI to operate Benguet nickel mine
DMCI MINING CORP., a subsidiary of listed Semirara Mining Corp., has signed a deal with Benguet Corp. for mining operations in a nickel mine in Zambales.
This came after the Consunji-led DMCI Mining suspended nickel and ore mining activities in the province last July largely due to the prevailing low nickel prices in the world market.
DMCI Mining will explore and develop selected areas of Benguet’s 1,406-hectare Sta. Cruz nickel mine, the firm told the Philippine Stock Exchange yesterday.
Under the deal, DMCI Mining will have the rights for the "production and sale of high-grade nickel ore above 2% [grade] of up to 200,000 metric tons of nickel ore per year for three years, extendible upon mutual agreement."
Early this year, Benguet, the country’s oldest miner, shipped two batches of nickel ores for mettalurgical testing to Europe and China.
Given the recovery of metal prices, Benguet said "the offtake agreement assures the company of a ready market for its high-grade nickel product."
Nickel prices for cash buyers yesterday closed at $8.22 per pound (lb.) from the average price of $5.64 and $4.75 per lb. in the second and first quarter, respectively, data from the London Metal Exchange showed.
"Benguet is conducting a feasibility study on tank leaching of middle grade ore and on pelletizing nickel ore in order to add value by processing ore," DMCI Mining said.
Early this month, DMCI Mining sold its 78,318-square- meter port facility in Zambales to Montemina Resources Corp., leaving analysts to speculate that the construction-based conglomerate DMCI Holdings, Inc. might soon exit nickel mining and focus instead on Semirara’s coal mining operations in Antique.
On Tuesday, Benguet created Benguetcorp Nickel Mines, Inc. as part of a plan to spin off its businesses. Creditors are running after the miner, which has yet to repay debts totaling P1.2 billion.
Prices of Benguet Class "A" shares went up yesterday to P10.75 apiece from P10.25 on Tuesday while shares of Semirara dropped to P37.50 from P38 apiece on Wednesday. — Neil Jerome C. Morales
December 7, 2020
More than 5,000 youths to get skills training from USAID, PBEd; Aboitiz, DM Consunji to provide pre-employment support
August 14, 2020
DMCI order book leaps 152% to P65.8 B in H1
February 24, 2020
Full blast construction of NLEX connector to start this year
Blessed Consunji Group pays it forward January 24, 2021
More than 5,000 youths to get skills training from USAID, PBEd; Aboitiz, DM Consunji to provide pre-employment support December 7, 2020
DMCI order book leaps 152% to P65.8 B in H1 August 14, 2020
Full blast construction of NLEX connector to start this year February 24, 2020
More firms eye bidding for Manila subway contracts February 24, 2020
MRP Foundation-funded PSG Station Hospital topped off February 24, 2020
First dedicated OFW hospital, diagnostic center begins construction in Pampanga February 20, 2020
DMCI Works Double Time on Infra Projects September 3, 2019
Ceremonial Track-laying for LRT Line 2- East Extension Project Package 3 April 16, 2019
Republic of the Philippines Award for Manila LRT Line 2- East Extension Project March 5, 2019
DMCI unit puts up new firm for power business November 30, 2009
DMCI to operate Benguet nickel mine October 9, 2009
Maynilad sets record performance under MPIC-DMCI September 11, 2009
Maynilad extends contract, confirming earlier GMANews.TV report September 15, 2009
Toll road project to cost P19B September 17, 2009
More homes get water supply September 11, 2009