Mining and power firm Nickel Asia Corp. of the Zamora family saw a 53 percent drop in audited attributable net income to P3.7 billion last year from P7.9 billion in 2022 as nickel ore prices were lower due to the increase in Indonesian nickel production. 

In a disclosure to the Philippine Stock Exchange, the firm also reported a loss of P1.0 billion from its equity interests in the Coral Bay and Taganito HPAL plants against a profit of P0.9 billion the year prior due to lower nickel and cobalt prices.

Likewise, revenues from the sale of ore declined by 16 percent to P21.4 billion from P25.5 billion in the same period last year. 

“Despite the challenges in the global nickel industry, we remain on track to achieve our ambition of becoming a premiere ESG investment and a Top 25 company in the PSE by 2025,” said NAC President and CEO Martin Antonio G. Zamora.

He noted that, “We are enthusiastic about three promising nickel projects, namely Dinapigue, Bulanjao, and Manicani, scheduled to either ramp up or kick off this year. Together, they are poised to significantly bolster our nickel ore sales volumes in the coming years.”

“Furthermore, our diversification into renewable energy is proceeding according to plan. With EPI solar capacity now at 172-MWp and almost 400-MWp in the immediate pipeline, our role as stewards of our country’s natural resources takes on even greater significance,” Zamora added.

In terms of volume, NAC’s operating mines sold a combined 16.5 million wet metric tons (WMT) of nickel ore, an improvement of 3 percent compared to 2022.

The Company exported 8.9 million WMT of saprolite and limonite ore at the average price of $30.59 per WMT in 2023 against 8.1 million WMT at $39.39 per WMT in the previous year. 

It also delivered 7.6 million WMT of limonite ore to the Coral Bay and Taganito HPAL plants, realizing an average price of $14.66 per WMT, in contrast to 7.8 million WMT delivered at $18.72 per WMT in 2022.

As a result, the weighted average nickel ore sales price during the period decreased by 20 percent to $23.30 per WMT from $29.17 per WMT in 2022. The Company realized P55.78 per US dollar from nickel ore sales, a 2 percent increase from P54.90 year-on-year.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) from mining operations amounted to P10.9 billion, a 24 percent decline from the same period last year due to lower nickel ore revenues.

Emerging Power, Inc. (EPI) subsidiary, Jobin-SQM Inc. (JSI), increased its electricity generation by 25 percent to 143,770-megawatt hours following the increase in capacity to 100-MWp from 62-MWp year-on-year. JSI’s EBITDA rose 14 percent year-on-year to P594 million. 

Last February 2024, JSI further ramped up capacity by 72-MWp, resulting in the present capacity of 172-MWp. JSI’s operating assets are in Mt. Sta. Rita, Subic Bay Freeport Zone (Subic).

Pre-development activities on Northern Palawan Power Generation Corporation’s solar project in Subic-Cawag are almost complete with construction of the proposed 145-MWp plant expected to begin by the second quarter of this year. 

In addition, Greenlight Renewables Holdings, Inc., EPI’s joint venture with Shell Overseas Investments B.V., is on schedule in implementing its solar power project in Leyte, with an initial 120-MWp slated to be completed by the first quarter of 2025.

As to the modular-type geothermal project of EPI’s affiliate, Biliran Geothermal, Inc., the initial 2-MW turbines have been installed and energization activities are ongoing. This paves the way for the next phase of the 10-MW capacity expansion, with the goal of attaining full capacity of 50-MW in the medium term.