Oriental Peninsula to double production

Manila, Philippines -  Listed mining holding firm Oriental Peninsula Resources Group secured the Environmental Management Bureau’s green light to double its production capacity.

In a disclosure to the Philippine Stock Exchange, ORE said the EMB approved its request for the amendment of its Environment Compliance Certificates for its two mines in Palawan, allowing it to beef up its annual production to 2 million dry metric tons from 1.2 million DMT.

The approval is subject to compliance by Citinickel Mines & Development Corp., which owns and operates the Pulot and Toronto mining projects, located in the municipalities of Sofronio Espanola and Narra.

By hiking its production output, the company aims to effect 55 shipments of nickel ore.

ORE reported a net income of P467.37 million last year, a reversal of the the P6.62 million loss incurred in 2010 on robust sales.  

Revenues reached P1.13 billion, significantly higher than the P7,164 recorded a year earlier. Citinickel started commercial operations in March last year.

Citinickel supplies China with 0.9 percent to one percent nickel grade and 1.5 percent nickel grade. The demand from Australia, on the other hand, is to supply 1.5 percent of nickel. ORE is also considering establishing a ferro-nickel plant.

Citinickel is the holder of the 25-year Mineral Production Sharing Agreement issued by the Department of Environment and Natural Resources, covering 2,176 hectares.