Nickel miner seen posting P968M income
Listed nickel miner Marcventures Holdings Inc. is expected to post a profit of P968 million in 2012, its first full year of operations, according to a study Abacus Securities Research.
For this year, the firm, which started shipping its output in August, is targeting an income of P384 million.
The November 2011 research report of Abacus said Marcventures was facing good prospects in 2012, given strong metal prices and an expected growth in demand for Philippine nickel. It projected Marcventures’ net income to hit P968 million in 2012.
Abacus is a stock brokerage firm that also conducts in-depth industrial company research and analyses.
The report said that in the third quarter of 2011, Marcventures shipped 110,000 wet metric tons (WMT) of high-grade nickel ore worth P300 million. It also has pre-sold the rest of its 2011 high-grade nickel ore production for shipment in the last quarter of the year.
In 2012, the firm is expected to register at least 700,000 WMT of high-grade nickel ore sales, which could generate P968 million in income based on nickel ore price of $55 per WMT. This means earnings per share of P0.53, the report said.
