Metal miner Nickel Asia Corp. logged a net income of P7.93 billion last year, which was 1.5 percent higher than the P7.81 billion it reported in 2021, based on its financial records.

Earnings before interest, tax, depreciation and amortization amounted to P14.31 billion against P14.42 billion a year ago.

“Despite the inclement weather, 2022 remained a good year for NAC with prices for the metal buoyed by high demand. Our renewable energy business also made strides as it was able to increase its capacity and forge a partnership with an international player, Shell Investments BV,” Martin Antonio Zamora, NAC President and CEO, said.

Zamora added gains in 2022 showed that the company remains committed to its 2025 target of becoming the premier environmental, social and governance investment and the top 25 in market capitalization of listed companies in the Philippine Stock Exchange.

“This year will be no different as we continue to build a strong foundation to achieve our goals,” he added.

The company’s five operating mines, Cagdianao, Dinapigue, Hinatuan, Rio Tuba and Taganito, sold a combined 15.94 million wet metric tons of nickel ore during the year, a decrease of 11 percent from the 2021 level of 17.94 million WMT.

Despite the lower sales volume during the period, the higher nickel ore prices and favorable exchange rates raised the company’s revenues by two percent to P28.03 billion from P27.40 billion in 2021.

The drop in sales volume was almost in direct proportion to unrealized workable days caused by unfavorable weather that adversely affected the company’s mining operations during the period.

The weighted average nickel ore sales price during the period slightly increased to $29.17 per WMT against $29.13 per WMT in the same period last year.

More bang for buck

The company realized P54.90 per US dollar from these nickel ore sales, an 11-percent increase from P49.48 last year.

Breaking down the ore sales, the company exported 8.15 million WMT of saprolite and limonite ore at the average price of $39.39 per WMT during the year from 10.79 million WMT at $40.40 per WMT last year.

Likewise, the company delivered 7.79 million WMT of limonite ore to the Coral Bay and Taganito high pressure acid leach plants, the prices of which are linked to the London Metal Exchange and realized an average price of $11.64 per pound of payable nickel. This compares to 7.14 million WMT at $8.35 per pound of payable nickel in 2021.

Expressed in US dollar per WMT, the average price for the deliveries to the HPAL plants were $18.72 and $12.03 in 2022 and 2021, respectively.