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Annual Report 2019

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Annual Report 2019 EVOLUTION 2019 ANNUAL AND SUSTAINABILITY REPORT This report is interactive TABLE OF CONTENTS Who We Are Financial Review 01 Who We Are 98 Financial Review WHO WE ARE 02 Vision, Mission & Core Values Operational Review 03 Corporate Structure Map of Mineral Properties GRI 102-2 102 We have other properties for nickel, copper and and Energy Projects Performance Review We are a diversified natural resources development gold in various stages of exploration. 103 Summary of Ore Reserves company, combining our operations as the Philippines’ largest producer of lateritic nickel ore (and one of We have established a foothold in the renewable Sales and Financial Highlights and Resources 04 the largest in the world) with a growing interest energy business through Emerging Power Inc. (EPI). in renewable energy development. Jobin SQM Inc., a wholly-owned subsidiary of EPI, Key Performance Indicators 105 Review of Operations 06 currently operates a 32 MW solar plant in the Subic Beginning in Rio Tuba fifty years ago, we now have Bay Freeport which we plan to expand to 100MW Product Mix 110 Review of Exploration 08 four nickel mines and a fifth in the preparatory by 2021, while another wholly-owned subsidiary, stages of development. We export saprolite and Montelago Geothermal Power Corporation, has 10 Joint Message to Shareholders Financial Statements limonite ore to our customers in China and Japan, geothermal service contracts in the provinces of who process our ore to produce ferronickel and Mindoro and Biliran. EPI recently secured 25MW of 18 Board of Directors nickel pig iron (NPI), used for the production of medium to long term solar power sales agreements; 114 Report of the Audit Committee stainless steel. more importantly, we are partnering with TBEA Co., Corporate Governance to the Board of Directors Ltd of China, a leading manufacturer of power Our Rio Tuba operation in Bataraza, Palawan, is the equipment, for equity investment that will finance Statement of Management’s 115 exclusive supplier of limonite ore to Coral Bay Nickel our solar generation capacity. Currently we have Responsibility for Financial Corporation (CBNC). CBNC, commissioned in 2005 an 86.29% equity interest in EPI. 22 Corporate Governance Statements as the Philippines’ first hydrometallurgical nickel processing plant, has a capacity of 24,000 tonnes We are conscious of our corporate responsibility 26 Enterprise Risk Management 116 Independent Auditors' Report of contained nickel and 1,500 tonnes of contained towards our people and our planet. We are proud cobalt per year in the form of a mixed nickel-cobalt of our track record in responsible and sustainable Consolidated Statements Sustainability Report 122 sulfide. We have a 10% equity interest in CBNC. operations, which has been recognized time of Financial Position and again both within the Philippines and even Our Taganito operation in Claver, Surigao del Norte, abroad. During the 66th Annual National Mine Consolidated Statements of Income 30 Sustainability Scorecard 124 is also the exclusive supplier of limonite ore to Taganito Safety and Environment Conference in Baguio HPAL Nickel Corporation (THPAL). Commissioned City last November, our Cagdianao operations Consolidated Statements Awards & Recognitions 125 in 2013 and built at a cost of US$ 1.7 billion, the were bestowed the Presidential Mineral Industry 36 of Comprehensive Income Philippines’ second hydrometallurgical nickel Environmental Award, the highest recognition for 37 Our Approach Towards Sustainability Consolidated Statements processing plant has an expanded capacity of environmental excellence in our industry. One month 126 36,000 tonnes of contained nickel and 3,000 tonnes later, our Rio Tuba operation was again recognized of Changes in Equity 38 Alignment to UN Sustainable of contained cobalt per year. We also have a 10% by the ASEAN with runner-up honors for Best Development Goals 129 Consolidated Statements equity interest in THPAL. Practices in Sustainable Mineral Development for of Cash Flows the Mineral Mining Category during the second 40 Sustainability Framework Both CBNC and THPAL are part of the global supply ASEAN Mineral Awards held in Bangkok, Thailand. chain in the production of batteries for the electric 46 Stakeholder Engagement Annex vehicle market. While the global economy faces unique challenges at the moment we know that these challenges 48 Material Topics of Sustainability Hinatuan Mining in Taganaan, Surigao del Norte and will soon pass, and we are confident that we are 131 Officers Cagdianao Mining in Valencia, Dinagat Islands, are on the right track to emerge as a major Philippine 50 Our Sustainability Performance our two other nickel operations. Our fifth operation, enterprise focused on the expectations of both 133 Corporate Directory Dinapigue Mining in Isabela, is in the preparatory the global investor and the general public for 88 GRI Content Index Sheet stages of development. environmental and social responsibility and transparent corporate governance. 94 External Assurance Statement 2019 NAC ANNUAL REPORT 1 The Company’s Vision and Mission Statements as well as its Core Values are regularly reviewed by Management and approved by the Board of Directors. CORPORATE STRUCTURE GRI 102-16 GRI 102-5 NICKEL ASIA VISION CORPORATION Achieve the highest standards for responsible and sustainable development of our country’s NICKEL MINING DOWNSTREAM GOLD AND COPPER ENERGY AND EXPLORATION PROCESSING EXPLORATION natural resources. 60% 10% 57%* 86.29% Rio Tuba Nickel Coral Bay Cordillera Emerging MISSION Mining Corporation Nickel Corporation Exploration Co., Inc. Power Inc. We exist to responsibly and sustainably develop our country’s natural resources to 65% 10% 100% 100% Taganito Taganito HPAL Newminco Pacific Mindoro Geothermal meet society’s needs, contributing to a brighter Mining Corporation Nickel Corporation Mining Corporation Power Corporation future for our people, our communities, and our other stakeholders, always conscious of being stewards of the environment where we operate. 100% 100% Hinatuan Jobin-SQM Inc. Mining Corporation CORE VALUES 100% 100% Biliran Holdings Inc. Cagdianao • Responsibility Mining Corporation • Leadership • Respect 60% • Integrity Biliran Geothermal 100% Incorporated • Financial Growth Dinapigue • Safety Mining Corporation • Teamwork * Beneficial Ownership 2 EVOLUTION ▸ Who We Are ▸ Performance Review ▸ Corporate Governance ▸ Sustainability Report 2019 NAC ANNUAL REPORT 3 ▸ Financial Review ▸ Operational Review ▸ Financial Statements ▸ Annex SALES AND FINANCIAL HIGHLIGHTS MOVING FORWARD GRI 102-7 SALES HIGHLIGHTS 2019 2018 2017 NICKEL ORE SALES 2019 Total Sales (WMT ‘000) 18,836 19,349 17,703 LME-based Sales (WMT ‘000) 8,393 7,808 8,062 Realized LME Price (USD/lb.) 6.23 5.95 4.67 25,000 Total Sales 18,836 (WMT ‘000) Tonnage-based Sales (WMT ‘000) 10,443 11,541 9,640 Average Price (USD/WMT) 23.52 21.53 24.42 20,000 LME-based Sales 8,393 (WMT ‘000) Weighted Average Price (USD/WMT) 16.69 16.86 16.17 15,000 Realized LME Price 6.23 (USD/lb.) FINANCIAL HIGHLIGHTS 10,000 PhP Million except Per Share Amounts 2019 2018 2017 Tonnage-based Sales 10,442 (WMT ‘000) Revenues 5,000 Average Price 23.52 Sale of Ore 16,670 17,742 14,897 (USD/WMT) 0 Services and Others 1,253 906 842 2019 2018 2017 Weighted Average Price 16.69 Total Revenues 17,923 18,648 15,739 (USD/WMT) Revenues Operating Costs and Expenses 12,779 12,608 10,474 (in PhP Million) Inclusive of Sale of Limestone and Services BOOK VALUE PER SHARE Net Income 3,826 4,223 3,854 Nickel Ore Sales (in PhP) Attributable to Equity Holders of the Parent 2,685 3,008 2,771 (Wet Metric Ton ‘000) Attributable to Non-Controlling Interests 1,141 1,215 1,083 2019 2.30 Basic Earnings Per Share (in PhP) 0.20 0.22 0.20 2018 2.17 Financial Condition 2017 2.15 Cash, Cash Equivalents and Other Financial Investments 16,569 15,931 16,294 Other Current Assets 5,454 5,966 5,337 Noncurrent Assets 26,239 24,136 24,106 Current Liabilities 9,921 9,866 9,614 Noncurrent Liabilities 3,210 2,716 2,905 Equity 35,131 33,451 33,218 Book Value Per Share (PhP) 2.30 2.17 2.15 4 EVOLUTION ▸ Who We Are ▸ Performance Review ▸ Corporate Governance ▸ Sustainability Report 2019 NAC ANNUAL REPORT 5 ▸ Financial Review ▸ Operational Review ▸ Financial Statements ▸ Annex KEY PERFORMANCE INDICATORS MOVING FORWARD GRI 102-7 SALES VOLUME WMT’000 OPEN AREAS PER MILLION WMT SOLD (NUMBER OF HECTARES) Saprolite Limonite 2019 8,862 9,974 2019 16.63 2018 10,320 9,029 2018 14.72 2017 8,987 8,716 0 5,000 10,000 15,000 20,000 25,000 13.5 14 14.5 15 15.5 16 16.5 17 COST PER WMT ATTRIBUTABLE NET INCOME FREQUENCY RATE (PHP/WMT) (PHP MILLION) 700 3,500 0.25 0.23 610 595 3,008 600 3,000 536 2,771 2,685 0.20 500 2,500 0.15 400 2,000 0.12 300 1,500 0.10 200 1,000 0.05 0.04 100 500 0 0 0 2019 2018 2017 2019 2018 2017 2019 2018 2017 6 EVOLUTION ▸ Who We Are ▸ Performance Review ▸ Corporate Governance ▸ Sustainability Report 2019 NAC ANNUAL REPORT 7 ▸ Financial Review ▸ Operational Review ▸ Financial Statements ▸ Annex GRI 102-9, GRI 417-1 SAPROLITE LIMONITE Type Of Ore High Fe Low Grade High-Grade Mid-Grade 0.6-0.9% Ni; 1.0-1.2% Ni; ~1.7% Ni 1.3~1.6% Ni 48-50% Fe ≥30% Fe Supplied by Rio Tuba Rio Tuba PRODUCT MIX Rio Tuba Taganito Taganito Rio Tuba Taganito Cagdianao Cagdianao Taganito GRI 102-2 Hinatuan Hinatuan Hinatuan We produce two types of nickel ore, namely saprolite ore Sold to Japan FeNi Japan FeNi and limonite ore. We define saprolite ore as nickel ore China NPI Philippines Smelter/China Smelter/China with iron content of less than 20% and limonite ore as Smelter CBNC NPI Smelter NPI Smelter nickel ore with iron content of 20% or higher.
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