MANILA, Philippines - Marcventures Holdings Inc. said it expects its mining subsidiary to post higher revenues this year on higher nickel ore shipments.
In a regulatory filing, the company said its wholly-owned subsidiary Marcventures Mining & Development Corp. (MMDC) is expected to rake in revenues of P2 billion for 2013, nearly triple from P697.49 million in 2012.
Last year, MMDC shipped 637,932.82 wet metric tons (WMT) of nickel ore, generating a net income of P137.44 million for the holding firm.
In the previous year, MMDC shipped 628,098 WMT of nickel ore, resulting in revenues of P842.90 million and a net income of P268.43 million.
The company attributed the lower revenues and net income last year to the drastic decline in nickel prices.
In yesterday’s filing, the holding firm said MMDC has shipped 1.12 million WMT of nickel ore as of May this year.
The shipment is expected to generate revenues of P1 billion from this volume at the present exchange rate.
“With cooperative weather, the company expects MMDC to hit P2 billion in revenues for 2013,†the holding firm said.
MMDC is currently loading a total of 330,000 WMT of nickel ore. On top of this, another set of six vesels have been booked to ship 330,000 WMT of ore this month.
The mining firm is thus expected to end 2013 with a shipment volume of 1.78 WMT of nickel ore.
MMDC holds a mineral production sharing agreement (MPSA) for a 4,799- hectare tenement located in Cantilan, Surigao del Sur.
The holding firm earlier announced that it is raising MMDC’s capitalization to P1 billion to increase the production capacity of its 120-hectare mine site.