Nickel Asia extracts P2.1 billion profit

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August 7, 2025 | 12:00am

MANILA, Philippines — Listed miner Nickel Asia Corp. posted strong earnings in the first half, driven by higher ore export prices that offset lower production.

The earnings of the country’s leading nickel ore producer surged by 88 percent to P2.1 billion in the first semester from P1.12 billion in the same period last year.

Ore sales jumped by 36 percent to P10.59 billion from P7.79 billion, with weighted average prices going up by 44 percent to $23.87 per wet metric ton from $16.6 per WMT.

Nickel Asia said its operating mines sold 7.85 million WMT of nickel ore in the first half, down by four percent from last year’s 8.16 million WMT due to unfavorable weather conditions.

“We expect the recovery in nickel ore prices to continue, supported by tight supply and steady demand from Indonesia and the ongoing implementation of mining policies in the country,” Nickel Asia president and CEO Martin Antonio Zamora said.

Looking ahead, Zamora also expects a strong performance in the second half of the year on the back of improved weather conditions and ramped-up shipments from the Manicani mine in Eastern Samar.

For the renewable energy business, Nickel Asia subsidiary Emerging Power Inc. (EPI) is on track to launch the first phase of its solar project in Leyte in the fourth quarter.

The facility is expected to add 120 megawatts to EPI’s portfolio, bringing its total installed capacity to 300 MW by year-end.

“With nickel export prices trending upward, operations at Manicani gaining momentum and the Leyte solar project nearing completion, we are laying a strong foundation for a meaningful uplift in performance this year,” Zamora said.

As a diversified natural resources development firm, Nickel Asia currently has seven operating nickel mines.