Listed company Marcventures Holdings Inc. said its mining subsidiary Marcventures Mining & Development Corp. (MMDC) saw an increase in revenue last year due to higher volume of saprolite nickel ore shipped.
In its annual report, Marcventures said MMDC sold 40 shipments or an aggregate of 2.18 million wet metric tons (WMT) of nickel ore.
Of the total shipment, saprolite filled up 26.5 vessels while limonite shipments took up 13 vessels.
This led to a 6.34% increase in revenues from 2016’s P1.92 billion to P2.04 billion.
Operating expenses, however, increased by 24.24% to P562.34 million, the highest increase in expenditures came from advertisement which saw a 2,537.90% increase to P2.27 million. — Anna Gabriela A. Mogato

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