MANILA, Philippines - Citinickel Mines and Development Corp., a unit of listed company Oriental Peninsula Resources Group Inc. (ORE) registered a solid 28 percent increase in revenues with P1.744 billion during the first half of 2014, from P1.350 billion during the same period last year, according to a disclosure made to the Securities and Exchange Commission (SEC).
ORE credits the increase due to more shipments, despite volatility of the price of ore at the London Metal Exchange and inclement weather conditions.
During the first half of 2014, ORE was able to ship a total of 43 vessels, 40 to China and three to Japan.
“Despite challenges the company was able to achieve laudable results and would hope to sustain growth in operations and profit. We will continue to undertake site expansion and development and appropriate funds as well as minimize and/or maintain our total operating costs and expenses,” said Caroline Tanchay, chairman and chief executive officer of ORE.
In line with ORE’s mine site expansion and on-going site development, the company has appropriated P300 million for the additional construction and development works, exploration and validation works, and purchase of crushing plant.
“All these are expected to be completed up to the second half of this year,” the ORE chief said.
ORE, through its subsidiary, Citinickel Mines and Development Corp., acquires, explores, develops, and mines nickel and other associated mineral properties in the Philippines.
The company explores for nickel, chromite, copper, manganese, magnesite, silver, gold, and other precious and non-precious minerals.
Citinickel operates in the Pulot Mine covering an area of approximately 1,408 hectares located in the municipality of Sofronio Española, Palawan; and the Toronto Mine, which covers an area of approximately 768 hectares located in the municipality of Narra, Palawan.
The company was founded in 2006 and began commercial operations of its Toronto mine site in 2011. It produced two million WMT of nickel ore a year later; which were shipped to Australia, China and Japan the year after.
Citinickel’s corporate social responsibility (CSR) projects implemented this year are in the areas of education – scholarship programs, construction of school classrooms, comfort room and covered court in Espanola, and a multi-purpose hall in Narra, as well as, livelihood/sustainable agriculture programs in Espanola, among others.