Marcventures 2017 profit jumps 9-fold

MARCVENTURES Mining and Development Corp. (MMDC), a wholly owned subsidiary of Marcventures Holdings Inc., said Friday its net income in 2017 increased by 819 percent despite lower shipments of nickel ore during the year.

In a disclosure to the Philippine Stock Exchange, MMDC P47.3 million in 2017, a ninefold increase from the P5.1 million recorded in 2016.

MMDC said it completed 40 shipments with a total volume of 2.18 million wet metric tons ( WMT) of nickel ore in 2017, lower than the 2.6 million WMT on 48 shipments in 2016.

Of the total, MMDC shipped 26.5 vessels of saprolite and 13.5 vessels of limonite, as compared to 13 vessels of saprolite and 35 vessels of limonite in 2016.

“Due to continuous decrease in the limonite ore price, MMDC shipped more tonnage of its saprolite ore,” the company said, noting that this resulted in higher revenue in 2017 compared to 2016.

Total operating expenses amounted to P562.34 million in 2017, which was 24.24 percent higher than the previous year, driven mainly by environmental expenses due to the company’s commitment to comply with environmental responsibilities.

“The Company is strongly committed to its policy of protecting and enhancing the environment. It spent P62.2 million and P34.2 million on its environmental and enhancement program ( EPEP) in 2017 and 2016, respectively,” MMDC said.

Marcventures was incorporated in 1957 as AJO.net Holdings, Inc. The company diversi when it changed its name and purpose in 2010.

Marcventures, through MMDC, holds a mineral production sharing agreement covering an area of 4,799 hectares located in Cantilan, Surigao del Sur, with nickel ore identified as the primary mineral that will be extracted.