Marcventures Mining and Development Corporation (MMDC), a subsidiary of listed nickel miner Marcventures Holdings Inc. (MHI), is targeting to ship 2.035 million wet metric tons (WMT) of nickel ore this year, higher than the 1.732 million WMT it shipped in 2020.
In a statement, MMDC said that for the current year, it is looking at shipping 2.035 million WMT of both saprolite and limonite ore.
This was after the company saw its nickel ore shipments increasing by 21.2 percent from 1.42 million WMT in 2019 to 1.732 million WMT of saprolite ore in 2020, enabling the company to post record net income in 2020.
From P165 million in 2019, the company’s net income further rose to P530 million in 2020, while its gross revenues doubled by 100.8 percent from P1.43 billion in 2019 to 2.87 billion in 2020.
“MMDC’s solid financial performance is strengthened by its commitment to preserve the environment and support host communities,” the company said.
During the COVID-19 pandemic, the company continued to provide livelihood opportunities, educational and health assistance to all 42 communities in the municipalities Cantillan, Carrascal, and Madrid, in Surigao del Sur.
In October last year, Former MHI President Isidro Alcantara, Jr. said MMDC is working on the expansion of its mine site in Surigao del Sur. The company is likewise planning to pursue and operate two bauxite mines in Samar.
Alcantara said MHI had set aside a combined amount of nearly P2.8 billion to bankroll all of these ventures.
During the first three months of the year, MHI recorded a net loss of P115.66 million, lower than the P123.96 million net loss recorded in the same period last year.