Marcventures Mining and Development Corp. (MMDC) closed the previous year on a high note with a 220.7 percent increase in net income.
From a positive stand point of P165 million in 2019, net income further rose to P530 million in 2020 with gross revenues doubling at 100.8 percent from P1.43 billion in 2019 to P2.87 billion in 2020.
MMDC’s nickel ore shipments increased by 21.2 percent, from 1.42 million WMT (wet metric tons) in 2019 to 1.732 million WMT of saprolite ore in 2020, reflecting a leap to 32 shipments in 2020 from 26 vessels in 2019.
For the current year, MMDC is looking at shipping 2.035 million WMT of both saprolite and limonite ore, supported by a capital expenditure programmed at P27.64 million.
MMDC’s solid financial performance is strengthened by its commitment to preserve the environment and support host communities. The company continues to provide livelihood opportunities, educational and health assistance to all 42 communities in the municipalities of Cantillan, Carrascal and Madrid in Surigao del Sur.
Article and Photo originally posted by Property Report Ph last June 9, 2021.
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