Nickel Asia Reports P1.52B Net Income for 2024, Inclusive of P1.55B Provision for Mindoro Geothermal Project

​Listed natural resources development company Nickel Asia Corporation (NAC) reported an attributable net income (net of minority interest) of P1.52 billion, including a P1.55 billion provision for its geothermal investment in Naujan, Oriental Mindoro.

This investments, made through its subsidiary, Mindoro Geothermal Power Corporation (MGPC), was primarily used for drilling exploration wells between 2015 and 2017. Excluding the provision, the attributable net income was P3.07 billion, a decrease fro P3.75 billion the previous year.

NAC's renewable energy subsidiary, Emerging Power, Inc. (EPI), continues to grow its portfolio and is on track to achieving its 1-GW target by 2028.

By the end of 2025, EPI aims to achieve a gross capacity of over 400-MWp, with projections of over 800-MWp by the end of 2026.

In the nickel mining sector, the Company recently commenced shipments from its Manicani mine in Eastern Samar and South Upper Guintalunan mine in Palawan, while continuing to ramp up operations at its Dinapigue mine in Isabela. These three projects are expected to significantly contribute to the growth of NAC's upstream nickel mining business in the coming years.

Additionally, through its subsidiary, Cordillera Exploration Co. Inc. (CEXCI), NAC has also begun exploratory drilling at the Marian Project, with plans to establish a copper-gold mine.

On January 31, 2025, NAC completed the sale of its 15.625 percent minorits stake in Coral Bay Nickel Corporation, at the investment's carrying value as of September 30, 2024. This strategic move is expected to strengthen NAC's financial position and refocus resources on its core projects in solar and upstreaming mining.

Outlook and Remarks

"The increasing demand for nickel and other critical minerals, as well as the global shift towards cleaner forms of energy, place us in a unique position to support both agendas. As we continue to grow, it is imperative for us to continuously enhance our processes and improve our operational efficiency," said NAC President and CEO Martin Antonio G. Zamora.

"Our focus on solar and upstream mining is a critical part of that optimization, and it reflects the dynamic leadership at NAC," he added.