ORE posts P615-M gross revenues in Q2

MANILA, Philippines - Publicly-listed Oriental Peninsula Resources Group, Inc. (ORE) has generated P615.45 million in gross revenues during the first quarter, according to disclosures made at the Securities and Exchange Commission (SEC).

ORE has a 94-percent equity interest in Citinickel Mines and Development Corp., which began commercial operations in the second quarter of 2011.

Citinickel operates the Pulot and Toronto Mines located in the municipalities of Sofronio Espanola and Narra, respectively, in Palawan. The company sells ore to China, Australia, Japan and Europe.

“Despite an increase in shipment, the quality of nickel mined is classified ‘low grade high iron’. Achieving our targets was thus buoyed up by the increase in capacity of operations to generate more volume,” said Caroline Tanchay, ORE chairman.

“So far we only have explored 13 percent of the total area. We hope to expand operations and mine the next 22 percent to achieve an increase of 3 million tons in shipment for 2012,” said Tanchay.

For 2013, Ore is reviewing proposals to build a sintering plant in the country to contribute to the government’s goal of boosting exports of semi-processed metals.

Continuous exploration to increase assets is also being done. The company is also in the process of acquiring nickel properties also in the province of Palawan.