ORE reports 159% jump in H1 sales
Oriental Peninsula Resources Inc. (ORE) reported sales of P1.41 billion in the first six months of 2012, up by 159 percent from P515.33 million in the same period last year, according to the company’s disclosure to the Philippine Stock Exchange.
In a statement, ORE credited for the sales growth its nickel mining arm, Citinickel Mines and Development Corp., which had steadily posted gains since it started commercial operations in March 2011.
“ORE continued to perform way beyond its expected targets. The volume of shipment this year was three times higher than that in the same period last year. We hope to achieve more robust gains as operations go full swing,” company chair Caroline L. Tanchay said.
ORE owns and operates two nickel mining projects in the municipalities of Sofronio Española and Narra in Palawan.
It second mine in Espanola, which started operations early this year, is expected to boost capacity for export.
By the end of 2012, ORE aims to increase production to 3 million tons from 1 million and ship out 55 vessels of nickel ore.
“To achieve this target, ORE will be aggressive in providing financial support to Citinickel for use in the improvement of the facilities at the mine sites in Palawan,” Tanchay said.