Marcventures to diversify into bauxite aluminum ore

Marcventures Holdings Inc. is seen extracting 73.2 million wet metric tons of aluminum ore over the next 20 years after it merged with two other miners in a bid to diversify its products and expand its business.

In a regulatory filing, Marcventures said the Bauxite Mining project in six municipalities of Western Samar contains 73.2 million (WMT) of measured and indicated resources of bauxite aluminum ore which could last for about 20 years mine life at four million WMT yearly.

Marcventures obtained the properties after merging with Asia Pilot Mining Philippines Corp. resulting in its 100 percent acquisition of the outstanding shares of Alumina Mining Philippines and Bauxite Resources.

The companies own the only two bauxite mines located in the municipalities of Motiong, Paranas, Gandara, San Jose de Buan, San Jorge and Matuguinao in Samar.

The two acquired companies are the only ones allowed to mine bauxite in the country.

Bauxite is the raw material for aluminum whose global prices are more stable than other minerals. It is projected to have a long term growing demand.

Marcventures said supply deficits of bauxite ore are expected due to increasing use of aluminum for electric cars and other transportation equipment, cladding for electric batteries, aerospace, construction and even defense applications.

Asia Pilot is the owner of Alumina Mining Philippines Inc. with a mineral production sharing agreement covering close to 6,700 hectares.