Nickel Asia Corporation, a leading natural resources development company, today announced its impressive financial and operating results for the six months ended June 30, 2025, demonstrating significant growth in its core mining operations.
The company reported an attributable net income of ₱2.10 billion, marking an 88 percent increase from ₱1.12 billion recorded in the same period last year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw a substantial rise, reaching ₱4.59 billion compared to ₱2.96 billion in the previous year. This strong performance was primarily attributed to a notable rise in saprolite ore export prices.
Mining Operations Highlights:
- Revenue Growth: Revenues from saprolite and limonite ore sales surged by 36 percent to ₱10.59 billion from ₱7.79 billion in the first half of 2024.
- Sales Volume: Operating mines sold a combined 7.85 million wet metric tons (WMT) of nickel ore. This represents a 4 percent decrease from last year’s 8.16 million WMT, primarily due to unfavorable weather conditions.
- Increased Ore Prices: The weighted average ore price experienced a significant 44 percent increase year-on-year, rising to $23.87 per WMT from $16.60.
- Export Performance: Exports of saprolite and limonite ore totaled 3.92 million WMT at an average price of $38.31 per WMT. This is a remarkable 75 percent year-on-year increase in export prices compared to 4.23 million WMT at $21.95 per WMT in 2024.
- HPAL Plant Deliveries: Deliveries of limonite ore to the Coral Bay and Taganito high-pressure acid leach (HPAL) plants amounted to 3.93 million WMT at an average realized price of $6.96 per pound of payable nickel, equivalent to $9.43 per WMT. This compares to last year’s prices of $7.94 per pound and $10.84 per WMT, respectively.
Renewable Energy Segment (Emerging Power, Inc. – EPI) Highlights:
Nickel Asia Corporation’s renewable energy arm, Emerging Power, Inc. (EPI), also reported developments:
- Generation Increase: EPI’s subsidiary, Jobin SQM, Inc. (JSI), increased its generation by 8 percent year-on-year to 127,030 megawatt (MW) hours.
- EBITDA Decline: Despite the growth in output, JSI’s EBITDA declined by 12 percent to ₱460 million, driven by a lower weighted average tariff due to a sharp drop in WESM prices during the period. This impact was partially mitigated by the fact that most of JSI’s sales are secured under Power Supply Agreements.
- Solar Project Updates:
- San Isidro, Leyte: Greenlight Renewables Holdings, Inc. (GRHI), EPI’s joint venture with Shell Overseas Investments B.V., is on track to complete Phase 1 of its San Isidro, Leyte project. Energization is scheduled for the fourth quarter of this year, adding 120 MWp (or an attributable 72 MWp) to EPI’s installed capacity.
- Botolan, Zambales: Also under GRHI, Phase 1 (45 MWp) of the Botolan project in Zambales is slated to begin construction by the last quarter of this year, with commercial operations targeted within the second half of 2026.
- Subic Cawag: EPI, through a wholly-owned subsidiary, is developing the 145-MWp Subic Cawag solar project, scheduled to energize within the latter part of 2026.
- Nazareno, Bataan: EPI has commenced pre-development activities for a 50-MWp solar project in Nazareno, Bataan, with construction expected to begin before year-end.
This comprehensive performance underscores Nickel Asia Corporation’s robust position in the natural resources sector, bolstered by strong commodity prices and strategic investments in renewable energy.
