Jose Isidro Camacho
MANILA, Philippines — Former finance and energy secretary and investment banker Jose Isidro Camacho is the new chair of Nickel Asia Corp. (NAC), succeeding Gerard Brimo who has retired after more than 15 years with the listed mining firm.
In a disclosure on Friday, filed after the annual stockholders’ meeting, NAC announced Camacho’s election as director as well as that of James Hung as independent director.
In a subsequent meeting, the board appointed Camacho as chair.
Camacho is also chair of SunLife Canada (Philippines) and the University of Arts Singapore, and holds senior advisory and independent directorships in other companies.
Four decades
He pursued a long career in investment banking and, before joining the government —briefly as energy secretary in 2001 and then finance secretary until 2003—was chief country officer for the Philippines at Deutsche Bank.
This resumed after Camacho’s public sector stint when he served as managing director and vice chair for Credit Suisse Asia Pacific between 2005 and 2022.
Meanwhile, Hung is the chair of Asia Securities Global Group (Hong Kong) and chair of ASG Inspiration Lab (Singapore). He was also chair of Asia Securities in Taiwan and independent director of Security Bank. Hung has an active interest in nickel, electric vehicles, and renewable energy.
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The fresh appointments came at a time when the natural resources development firm is venturing into the local renewable energy space through its subsidiary Emerging Power Inc.
Resurgence
Martin Antonio Zamora, president and chief executive of NAC, said last month that the long-term prospects for the nickel industry remained positive with the market’s growing preference for nickel in the stainless steel and electric vehicle battery industries.
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Zamora said that as the global energy transition gains momentum, they expect the nickel oversupply to eventually turn into a deficit and thereafter trigger a resurgence in nickel prices.
Also, Zamora said NAC’s three new nickel projects—Dinapigue, Bulanjao and Manicani—would “set the stage for growth” in their operations and “significantly” bolster their sales volumes in the coming years.