Nickel Asia spending P400 M for environment protection plan

MANILA, Philippines - Listed Nickel Asia Corp. spent close to P400 million for environmental protection and enhancement programs in its covered mining areas last year.

Nickel Asia said this was part of its continuing compliance with the Mining Act.

The Mining Act mandates all mining companies to assist in the development of host and neighboring communities and to spend 1.5 percent of its annual operating expenses through Social Development and Management Programs (SDMP).

Last year, Nickel Asia spent P157 million for SDMP which included basic health services, education, livelihood, electricity and clean water access, and socio cultural preservation particularly for the indigenous people in the communities.

The company and its subsidiaries allotted P178 million for corporate social responsibility with the construction of a new school building for Taganito National High School in Claver, Surigao del Norte and provision of free hospitalization for IPs in Palawan.

The mining company also allocated P63 million for infrastructure spending.

Nickel Asia rehabilitated 74 hectares of its mined-out areas and planted over 160,000 seedlings, on top of the 150 hectares reforested with over 350,000 seedlings planted as part of the National Greening Program of the government.

“Caring for the environment and uplifting the lives of its mining communities that go beyond the mandate of the law are part and parcel of responsible corporate citizenship at the core of Nickel Asia’s philosophy,” said company president Gerard Brimo.

The company earned P378 million in the first quarter a turnaround from the P300.8 million loss incurred in the same period last year owing to improved market prices.

The turnaround in earnings was due to higher-value ore shipped, stronger US dollar and lower losses from the company’s equity share in its processing plants.

Nickel Asia is a global supplier of lateritic nickel ore and exports both saprolite and limonite ore to customers in Japan and China.

Its operating mines are Rio Tuba, Taganito, Cagdianao and Taganaan, all located in the southern part of the Philippines.