DMCI Mining Corp., a leading Philippine nickel producer operating through Zambales Diversified Metals Corp. (ZDMC) and Berong Nickel Corp., welcomed the recent surge in nickel prices, but company leadership emphasized that market performance is not driving its expansion plans.
Tulsi Das Reyes, president of DMCI Mining, told shareholders on Tuesday that the price increase this year was “very surprising” and had exceeded the company’s expectations. “Market volatility will play a role in the short term,” he noted, “but it does not influence our plans for expansion, whatsoever.”
Reyes highlighted that the company’s growth strategy dates back to its 2014 acquisitions and is guided by a long-term objective: building capacity and volume to maintain a strong market presence. “This has always been our goal, this has always been the target for our companies,” he said.
Nickel is currently trading between USD18,900 and USD19,300 per metric ton on the London Metal Exchange, marking a 22 percent year-on-year increase. While the price spike could benefit earnings, DMCI Mining’s leadership remains focused on operational milestones rather than short-term market swings.
Financially, DMCI Mining posted revenues of P4.1 billion and net income of P882 million in 2025, contributing P924 million to the parent DMCI Holdings.
The growth was fueled by expanded operations, which increased nickel ore shipments to 1.9 million wet metric tons (WMT) and raised average selling prices to USD 36 per WMT amid stronger regional demand.
Production reached a record 2.0 million WMT, supported by full-year operations at ZDMC and the initial contributions from the Long Point mine in Palawan.
In March 2026, commercial operations began at Long Point, increasing the company’s active mines to three and raising total operating capacity to around 3 million WMT. “We expected 2026 to be a milestone year as we ramp up the Long Point mine while managing the transition from ZDMC, which is expected to reach depletion later this year,” Reyes said.
DMCI Mining anticipates sustaining momentum over the next few years as Palawan operations scale further, all while adhering to regulatory and environmental standards.
