Marcventures to Increase Nickel Ore Production

Makati—(PHStocks)—Marcventures Mining and Development Corp. (MMDC), the wholly owned subsidiary of Marcventures Holdings Inc. (MHI, PSE: MARC) was granted by the Environmental Management Bureau (EMB) of the Department of Environment and Natural Resources (DENR) an increase in its allowable annual nickel ore production from 3 million metric tons to 5 million metric tons, representing an increase of 67% or two metric tons in its current production.

MMDC hopes to be able to still take partial advantage of the new tonnage for 2015 banking on possible dryer weather condition predicted for the last two months of the year.

The full benefit of the increase in the allowable production of MMDC is expected to be realized in 2016 and onwards as MMDC expects that their tightly controlled mining costs will allow it to still post margins even with the decline in metal prices.