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Manila Bulletin devider Business devider The Stock Market devider DMCI eyes large gold, copper, coal mines

DMCI eyes large gold, copper, coal mines

Published May 21, 2024 08:06 am

Unfazed by weak nickel ore prices, diversified engineering conglomerate DMCI Holdings Inc. is considering new acquisitions in the mining sector including coal, copper and gold assets in the next two to three years.

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DMCI Chairman and CEO Isidro A. Consunji

During the firm’s annual stockholders’ meeting, DMCI Chairman and CEO Isidro A. Consunji said, “we’re currently looking at large mining assets, probably copper and gold, and maybe an addition coal mine in Mindanao is possible.”

However, he said they will focus more on the aggressive growth of the group’s existing businesses comprising residential development, construction, power generation, water distribution, coal and nickel mining, as well as their recently-acquired cement manufacturing business.

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Consunji said they bought CEMEX Holdings Philippines because it will have synergies with their existing businesses such as construction arm DM Consunji Inc. and housing unit DMCI Homes which will provide new markets for cement. 

Meanwhile, subsidiary Semirara Mining and Power Corporation will be able to sell both coal and fly ash to CEMEX’s cement plants.

Consunji also noted that DM Consunji has a “strong competitive position” mega infrastructure project business, which will enable it to compete for more projects under the government’s infrastructure spending plans." 

“We see no reason why it cannot be competitive, given our track records in developing previous mega infrastructure projects,” he said.

Meanwhile, DMCI is set to further improve its off grid power business as it expect to provide a total of 40 megawatts of power in the various islands its unit, DMCI Power, serves. 

In particular, DMCI is operating a two by eight megawatt plant in Palawan, and eight megawatt bunker-fired plant in Masbate.

Consunji said that DMCI Power also expect to have a partial shift to renewable energy, with a four megawatt solar project in Masbate and a 12 megawatt wind power in Semirara Island to displace diesel.

The group likewise is working on the permits for its nickel projects so they can start operations. Consunji said that the company expects to complete the permitting process before the end of this year. 

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Isidro A. Consunji DMCI Holdings Inc.
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