Nickel Asia Corporation reported that attributable net income jumped 92% to P7.81 billion in 2021 from P4.07 billion in 2020 due to higher ore sales prices.

In a recent disclosure to the Philippine Stock Exchange, NAC said it sold 17.94 million wet tons of nickel ore at a weighted average realized price of $29.13 per WMT in 2021 and $22.46 per WMT in 2020. 18.2 million wet tons of nickel ore. As a result, the group's total revenue in 2021 will increase by 26% to P27.40 billion from P21.77 billion in 2020.

Martin Antonio G. Zamora, NAC President and CEO, noted that in the second year facing the COVID-19 pandemic, the Group remains focused on its employees and our business goals, focused on diversity, through its subsidiary Emerging Power, Inc. (EPI) access to renewable energy.

In terms of ore sales, NAC exported 10.79 million wet tons of saprolite and limonite ore to customers in Japan and China at an average price of US$40.40 per ton in 2021. That compares with 10.02 million tonnes in 2020 at $33.99 per ton.

Likewise, NAC delivered 7.14 million wet tonnes of limonite ore to the Coral Bay and Taganito HPAL mills, with prices linked to the LME, achieving an average price of $8.36 per pound of nickel payable. This compares to the price payable for nickel per pound in 2020 at $6.22, or 8.18 million wet tons. In USD/WMT, deliveries to the two HPAL plants in 2021 and 2020 generated $12.11 and $8.33/WMT, respectively.

NAC confirmed a total equity gain of P557.9 million on its investments in two HPAL plants in 2021, compared with P190.4 million in the previous year, as nickel prices rose on the LME.