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Nickel Asia faces P7 M penalty as Mindoro geothermal deal ends
The Philippine Star
|October 17, 2025
Listed mining firm Nickel Asia Corp. said one of its renewable energy subsidiaries has officially lost its geothermal contract in Mindoro due to long delays, with the company ordered to pay $120,000 (around P6.99 million at $1 = P58.25) for unpaid fees.
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In a disclosure to the Philippine Stock Exchange, Nickel Asia said the Department of Energy (DOE) had notified Mindoro Geothermal Power Corp. (MGPC) on Oct. 13 that its geothermal renewable energy service contract had been finally and irrevocably terminated.
MGPC is a unit of Emerging Power Inc. (EPI), which is wholly owned by Nickel Asia.
"MGPC will settle the financial obligation within the period required by the DOE stated in the Letter," Nickel Asia Corp. said in its regulatory filing.
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