Marcventures Holdings set to develop a bauxite mine Samar

Marcventures Holdings Inc. (MHI) is reportedly set to develop a bauxite mining property in Samar, once approved by the Mines and Geosciences Bureau. This will make MHI the only firm in the Philippines with bauxite as a mineral commodity.

According to MHI president Isidro Alcantara, the company has kept aside P2.5 billion for the development of the project. MHI is expecting the issuance of its environmental compliance certificate (ECC) by the first quarter of 2021. Construction will expectedly complete in two years.

MHI obtained the bauxite mine in Samar in 2016. Bauxite is a highly valued raw material used for the production of alumina, which is then used for producing aluminium.

Alcantara said, “We will be going into discussions with potential partners because there is no experience in bauxite mining here in the Philippines. Aluminum applications are rising, demand for it is rising and prices are very good.”

Besides developing a bauxite mine in Samar, MHI is eyeing Surigao to expand its mining operations with a budget of P250 million. The property will be connected to the firm’s existing facility and infrastructure in the area and is expected to increase the company’s reserves sustainability.

MHI, in the first half of 2020, reported a net income of P137.52 million, attributing to the company’s increased tonnage as well as the significant reduction in the mining overhead costs.