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Marcventures eyeing to raise nickel ore shipments

Catherine Talavera (The Philippine Star) - June 10, 2021 - 12:00am

MANILA, Philippines — Mining firm Marcventures Mining and Development Corp. (MMDC) is targeting to increase its nickel ore shipments this year, as it aims to ship over two million wet metric tons (WMT) this year.

In a statement, MMDC said it is looking at shipping a total of 2.035 million WMT of both saprolite and limonite ore this year.

The company said the higher shipments would be supported by its capital expenditure for this year of P27.64 million.

In 2020, MMDC’s nickel ore shipments increased by 21.2 percent from 1.42 Million WMT in 2019 to 1.732 Million WMT of saprolite ore.

The company attributed the increase to operational efficiency, improved business management, and organizational structure and processes which increased its output last year.

This led to total revenues doubling to P2.88 billion from P1.44 billion in the same period in the previous year.

“MMDC’s solid financial performance is strengthened by its commitment to preserve the environment and support host communities,” the company said.

The mining firm assured that it continues to provide livelihood opportunities, educational, and health assistance to all 42 communities in the municipalities of Cantillan, Carrascal and Madrid in Surigao del Sur.

MMDC is a wholly owned subsidiary of listed Marcventures Holdings Inc.

In a financial report to the Philippine Stock Exchange, Marcventures said it slightly narrowed its net loss in the first quarter to P115.7 million from P123.9 million in the same quarter of 2020.

“For the first quarter ended March 31, 2021, the company focused on preparatory activities consisting primarily of restoration of mine pit, waste dump site and settling pond, road widening, repair of haul roads, and causeway improvement,” Marcventures said.

Operating expenses during the period increased by 22 percent to P138.1 million from P113.3 million in the same period last year.

The increase was mainly driven by higher taxes and licenses, as well as increase in community relations expenses and other expenses.

MMDC
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