East Coast Vulcan Mining Corporation (ECVMC) posted a net income of PHP 26.7 million for six months of the year, reversing its net loss of PHP 26.1 million in the same period last year.
The turnaround was driven by a surge in revenues from higher nickel ore shipments by its operators Libjo Mining Corporation (LMC) and Cagdianao Mining Corporation (CMC). Both operate under long-term Memoranda of Agreement with ECVMC for mining rights in Dinagat Islands.
LMC oversees operations in MPSA-233-2007-XIII-SMR in Libjo, while CMC manages MPSA-078-97-XIII-SMR in Cagdianao, renewed until 2047. Under these agreements, ECVMC earns royalties and commissions based on shipment volumes.
The company attributed the revenue growth to a combination of increased shipment volumes and higher nickel prices in export markets. Demand from overseas buyers supported the stronger performance from both operators in the first six months of the year.
ECVMC has three Mineral Production Sharing Agreements (MPSAs) in Dinagat Islands and Surigao del Norte. These agreements give them access to mines in nickel-rich areas.
Through partnerships, higher shipment and nickel price, the company is aiming for steady operations.
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