Marcventures allots P30 M for social dev’t initiatives

Listed Marcventures Mining and Development Corp. is allocating nearly P30 million this year for its social development programs aimed at improving the status of its host communities.

Marcventures said the amount is under the social development and management program (SDMP), a requirement of the Department of Environment and Natural Resources (DENR) for every mining company.

SDMP components consist of yearly community programs in areas that include health, education, livelihood, public facilities and sociocultural promotion.

The allocation is equivalent to 1.5 percent of a mining company’s annual operating cost.

Marcventures has conducted a series of consultations and focus group discussions with different community leaders to ascertain the needs of the communities as the basis for the implementation of its SDMP.

Community stakeholders agreed among themselves on the guidelines of the proposed allocations to enable the effective and efficient utilization of the allotted funds.

Under the Philippine Mining Act, SDMP funds should be used for the “sustained improvement in the living standards of the host and neighbouring communities by creating responsible, self- reliant and resource-based communities capable of developing, implementing and managing community development programs, projects, and activities in a manner consistent with the principle of people empowerment.”

Marcventures is a whollyowned subsidiary of Marcventures Holdings Inc. that holds a mineral production sharing agreement covering an area of 4,799 hectares in Cantilan, Surigao del Sur.

MMDC has identified nickel ore as the primary mineral that will be extracted and sold to third parties due to the abundance and favourable characteristics of nickel within the mineral property.