Marcventures Mining and Development Corp. said Thursday it closed 2020 on a high note with a 220.7-percent increase in net income.
It said from a positive stand point of P165 million in 2019, net income further rose to P530 million in 2020 as gross revenues doubled (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 wet metric tons in 2019 to 1.732 million WMT of saprolite ore in 2020, reflecting a leap to 32 shipments from 26 vessels in 2019.
MMDC said this year, it is looking at shipping 2,035 million WMT of both saprolite and limonite ore, supported by a capital expenditure programmed at P27.64 million.
The company said the 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 Cantillan, Carrascal and Madrid in Surigao del Sur.