MANILA, Philippines — Despite a challenging global environment for nickel, DMCI Mining Corp. is doubling down on its production targets and expanding its footprint. In a financial briefing held on Tuesday, May 12, 2026, the mining arm of the Consunji-led conglomerate announced its intent to ramp up shipments and optimize operations in anticipation of a market rebound.
While the company faced a significant drop in its first-quarter bottom line, its leadership remains optimistic about the long-term demand for nickel, particularly as a critical component in the global energy transition.
The first quarter was a period of consolidation and adjustment for DMCI Mining, as it grappled with lower global nickel prices and higher operating expenses.
| Metric | Q1 2026 | Change (YoY) |
| Net Income | ₱118 Million | -75% |
| Revenues | ₱452 Million | -61% |
| Nickel Shipments | 188,000 Wet Metric Tons (WMT) | -63% |
| Average Selling Price | $34 / WMT | -17% |
To offset the depletion of older sites and increase overall capacity, DMCI Mining is accelerating the development of two key projects:
- Zambales Expansion: The company is securing the final environmental clearances to expand its current mining area in Zambales. This move is expected to extend the mine life of its Zambales Diversified Metals Corp. (ZDMC) operations by at least another decade.
- Palawan Project: DMCI is moving forward with the development of its Berong Nickel site for rehabilitation and potential new extraction zones. The company is currently testing the ore quality to determine if it meets the specific requirements of Chinese and Indonesian smelters.
- Shipment Target: For the full year of 2026, the company has set an ambitious shipment target of 1.5 million to 1.9 million WMT, banking on improved weather conditions and smoother logistics in the second half of the year.
DMCI Mining President Tulsi Das Reyes acknowledged that the global nickel market is currently oversupplied, largely due to the massive surge in production from Indonesia.
- Cost Efficiency: “We are focused on being the lowest-cost producer possible,” Reyes stated. “With prices being suppressed by Indonesian supply, our priority is operational efficiency and high-grade ore selection.”
- The EV Catalyst: Despite the current glut, the company is positioning itself for the 2027–2030 window, when demand for Class 1 nickel for electric vehicle (EV) batteries is projected to outpace supply.
- Value-Added Processing: DMCI continues to evaluate the feasibility of building a nickel processing plant (HPAL – High-Pressure Acid Leaching) in the Philippines, though Reyes noted that such a project requires a stable regulatory environment and significant power infrastructure.
Parallel to its production goals, DMCI Mining reported progress on its rehabilitation efforts.
- Reforestation: The company has planted over 2 million trees across its mine sites as part of its progressive rehabilitation strategy.
- Community Support: Over ₱40 million was allocated in Q1 for Social Development and Management Programs (SDMP), focusing on education and healthcare in its host communities in Zambales and Palawan.
“The nickel market is cyclical, but the energy transition is structural. We are building the capacity now so that when the market turns, we are ready to capture that value for our stakeholders.” — Tulsi Das Reyes, DMCI Mining President.
