MANILA, Philippines - Marcventures Holdings Inc. (MHI), a listed nickel miner, on Monday said its subsidiary signed an agreement to sell 3 million wet metric tons of nickel laterite ore to Dunfeng International (Phils) Inc. for export to China.
In a disclosure to the Philippine Stock Exchange, MHI said its wholly-owned subsidiary Marcventures Mining and Development Corp. (MMDC) completed a sales contract with Dunfeng to supply nickel laterite ore within 3 years.
Dunfeng is one of the largest buyers of nickel ore for export to China. It has several major Philippine nickel mining companies as its suppliers.
Philippine nickel mining companies are benefitting from strong demand for nickel from China.
MHI posted P381 million in revenues and a P157 million profit in the third quarter of 2011.
The company started exporting nickel ore shipments last August from its own causeway in Carrascal, Surigao del Sur. In August and September, MHI made four shipments, a total of 217,265 wet metric tons of nickel ore, to China.
Last month, Nickel Asia Corp., the country's largest nickel producer, signed a deal to supply close to 2 million wet metric tons of lateritic nickel ore to China's Baosteel Resources next year.