Marcventures expects P2 billion in revenues for its mining unit in 2013

Listed holding company Marcventures Holdings Inc. foresees a substantial rise in revenues for its mining subsidiary this year due to higher nickel ore shipments.

In a regulatory filing with the Philippine Stock Exchange, Marcventures said that its wholly-owned unit  Marcventures Mining & Development Corporation (MMDC) is expected to reach P2 billion in revenues this year, up 186 percent from P697.49 million last year.

In 2012, MMDC shipped 637,932.82 wet metric tons (WMT) of nickel ore with sales of P697.41 million and a net income of P137.44 million.

In its filing dated August 12, the company reported that MMDC has shipped out 1,120,000 WMT tons since May. The company expects revenues from its shipments to date to total P1 billion.

“With cooperative weather, the Company expects MMDC to hit P2 billion in revenues for 2013,” it said.

At present, MMDC is loading six vessels with an estimated total volume of 330,000 WMT. Another six vessels are scheduled for this month with the same estimated total volume, to bring MMDC’s 2013 year-to-date shipment volume to 1,780,000 WMT by the end of the month.

MMDC holds a mineral production sharing agreement (MPSA) for a 4,799- hectare tenement in Cantilan, Surigao del Sur. — BM, GMA News