Miner sets P2.75B projects

    Turnaround. MHI registered a net income of P37.8 million in the first half of the year from a net loss of P388.8 million last year.

    Marcventures Holdings Inc. (MHI) will invest up to P2.75 billion for the development of an additional nickel mine resource as well as of the country’s first two bauxite mining resources.

    In a virtual briefing on Wednesday, Isidro Alcantara Jr., MHI president, said P250 million will go to the new nickel mine while the bulk will be spent on the bauxite areas.

    The additional nickel resource is located beside Marcventures Mining and Development Corp.’s (MMDC) current operations in Surigao which will “substantially” increase the company’s nickel reserves, Alcantara said.

    “It will take maybe only a year (to be developed) and its not that long because we will just connect it to the present operations of the MMDC,” he said.

    MHI is awaiting the environmental compliance certificate and the declaration of mining project feasibility of the bauxite resource areas in Samar.

    “It will take at least two years to construct so we hope to get the permits by first quarter next year and then construct it… We will be going into discussions with potential partners.

    There is no experience for bauxite mining in the Philippines so we have to partner with foreign experts,” the official added.