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Marcventures gets BOI Incentives
MANILA, Philippines - Filipino-owned Marcventures Mining and Development Corp. (MMDC) was recently granted incentives by the Board of Investments (BOI) for its P474-million investment in a mining project in Surigao del Sur.
The BOI granted MMDC fiscal and non-fiscal perks based on the 2009 Investment Priorities Plan that gives incentives to companies/investors in needy provinces in the country. Surigao del Sur is one of the poorest provinces in the Philippines.
MMDC is targeting to produce a yearly supply of up to 800,000 wet metric tons of nickel, a metal commonly used in producing stainless steel, super alloys, electroplating, batteries, coinage, magnets and other industrial and commercial materials.
MMDC has sealed an agreement with Japanese firm Hanwa Co., Ltd., commissioning the said company to have sole distributorship rights to the nickel generated by the Surgao del Sur venture. Hanwa’s marketing reach extends to various countries, including China, India, Japan, South Korea and the United States.
The open pit mining project that covers 4,799 hectares is covered by a mineral production sharing agreement (MPSA). MMDC presently employs over 200 employees most of whom come from the towns and barangays in the general vicinity of its mining operations.
In a recent statement, former Trade Secretary Jesli Lapus stated that “Investments in mining provide marginal communities not only livelihood for its residents but also necessary infrastructure for development such as roads and electricity. Big ticket projects like these build and develop communities as they attract small businesses to flourish. Capital infusion of the private sector, notably big businesses, is vital to countryside development.”
From: (The Philippine Star) Updated July 02, 2010 12:00 AM
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