Marcventures expects P2-B revenues by Q3

MANILA, Philippines - Marcventures Mining and Development Corp. (MMDC), a subsidiary of listed Marcventures Holdings Inc., expects to generate P2 billion worth of revenues by the end of the third quarter from its shipments of nickel ore.

“With cooperative weather, the company expects MMDC to hit P2 billion in YTD (year-to-date) revenues by the end of the third quarter,” MMDC assistant corporate secretary Ana Maria Katigbak said in a disclosure to the Philippine Stock Exchange yesterday.

Compared to the same nine-month period last year, the projected revenues from shipments this year represents a 233-percent growth.

To date, MMDC has shipped out 30 vessels with a volume of 1.674 million wet metric tons (WMT) of nickel ore.

Revenues generated from these shipments are estimated at P1.5 billion based on the present exchange rate.

For the month of September, Katigbak said the firm has booked 11 vessels with an estimated total volume of 610,000 WMT.

“This will bring MMDC’s YTD shipment volume to 2.284 million WMT by the end of the third quarter, weather permitting,” she said.

She added that the expected total shipment volume by end-September shows a significant increase of 338 percent compared to the same period last year.

MMDC has a mineral production sharing agreement to mine 4,799 hectares in Surigao del Sur for nickel and gold.

The total measured, indicated and inferred nickel mineral resources of the nickel mine is 45.324 million WMT.

So far, only 2.5 percent of the area has been explored.

Last month, MMDC announced that the company’s board of directors has approved the plan to raise its authorized capital stock to P1 billion from P20 million.

The mining firm decided to raise its capital in preparation for its expansion program.

MMDC intends to build its capacity within the 120-hectare mine site to 1.5 million WMT per year from one million WMT.