MANILA, Philippines — The Department of Energy (DOE) has asked Singaporean enterprises, as well as…
E-vehicle surge creates new mining prospects in PH
According to a corporate executive on Wednesday, the growth of the electric vehicle (EV) market is creating new chances for the Philippine mining industry.
Tulsi Das Reyes, president of DMCI Mining, stated in a media roundtable that his company is eager to participate in this development and that the e-vehicle sector has opened up new potential for the mining industry.
He stated that prior to the development of the e-vehicle industry, mining had turned into a “sunset business.”
“Stainless steel was in a frenzy before the EV boom, and there isn’t enough capacity to meet demand. Furthermore, only China is experiencing development in the stainless steel market; otherwise, global growth is slowing “Says Reyes.
He claimed that the mining industry now has a “new light” due to the rising demand for electric vehicles on a global scale.
Batteries for electric vehicles often contain nickel.
“Without EVs (electric vehicles), so many other specialized markets would have been eliminated (s). It had a significant influence, “Added Reyes.
Companies from these nations expressed interest in the Philippine e-vehicle industry, particularly producing batteries for electric automobiles, during recent overseas business missions of the Department of Trade and Industry (DTI) in the United States, South Korea, and Japan.
In order to have value-added activities in the mining industry rather than exporting minerals as raw materials, integrated mineral processing is one of the goals of the DTI’s Make It Happen in the Philippines campaign.
Reyes stated that DMCI Mining is in discussions with potential foreign partners, including Indonesian and Chinese partners, to explore options for integrated mineral processing here, but that this will require suitable infrastructure in place and backing from the government.
In the meantime, DMCI Mining’s net income for the period from January to September this year fell from PHP1.41 billion to PHP1.17 billion, a 17 percent reduction.
The drop in shipment was the main cause of the lower profit during the first nine months of 2022.
Strong nickel prices and a weak local currency also lessened the impact of decreased exports on Reyes’ company’s bottom line.
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