ORE profit jumps 73% in H1

MANILA, Philippines - Mining holding firm Oriental Peninsula Resources Group (ORE) reported a 73-percent jump in first half net earnings to P494.14 million, mainly due to a sharp increase in sales of nickel laterite ore.

In a financial report submitted to the Philippine Stock Exchange, ORE said sales more than doubled to P1.41 billion from P515.33 million a year earlier.

Gross revenues from mining amounted to P617.2 million, up 91.7 percent from P321.91 million. As a result, operating profit grew 57.5 percent to P478.19 million.

Cost and expenses, however, shot up more than four-fold to P931.68 million.

 For the second half, another 26 vessels will make shipments to Chinese, Japanese and Australian buyers.

 “Despite unstable prices of ore in the international market, ORE continued to perform way beyond its expected targets. Volume of shipment increased three times this year versus volume in the same period of last year. We hope to achieve more robust gains as operations go full swing,” said Caroline L. Tanchay, chairman of ORE.

Ongoing construction and development, road and causeway maintenance and rehabilitation works are being undertaken in its mining sites. The company has so far explored only 13 percent of the total area

By yearend, ORE aims to ship out 55 vessels of nickel ore and increase production from one million tons to three million tons.

ORE is considering building a $10-million sintering plant that will allow it to produce semi-processed metals using the output from its Palawan mines.