Marcventures 2020 Double Revenue Growth
Marcventures Mining and Development Corporation (MMDC) closed the year 2020 on a high note with a 220.7% increase in net income.
From a positive stand point of Php 165 Million in 2019, net income further rose to Php 530 Million in 2020 with Gross Revenues doubling at 100.8% from Php 1.43 Billion in 2019 to 2.87 Billion for 2020.
MMDC’s Nickel ore shipments increased by 21.2%, 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 the 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 Php 27.64 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 Cantillan, Carrascal and Madrid, in Surigao del Sur.