Inquirer
MANILA, Philippines—Nickel miner Oriental Peninsula Resources Group Inc. (Ore) is seen ending the year with a modest net income after tax of P92.69 million, a turnaround from the loss of P44.15 million last year, as it prepares to ship ore to overseas buyers starting next month, according to investment house First Metro Investment Corp.
In a December 20 paper titled “World-Class Jewel Yet to Be Priced in,” FMIC senior analyst Cristina Ulang said Ore was expected to start ore shipments to overseas buyers by January, putting the company in a position to chalk up a net profit of P1.24 billion in 2011 and P1.56 billion in 2012.
The research also projected that Ore would be able to breach the P2-billion net profit mark by 2014.
“We think that the major attraction is that there exists nickel in the mine sites. There is the presence of commercially viable quantities of high-grade nickel,” Ulang explained in an interview.
She noted that the explored areas of Ore’s two mines—Toronto and Pulot, which are both in Palawan—represent only 13 percent of Ore’s 25-year contract with the government involving 2,176 hectares.
According to estimates by the mines and geosciences bureau of the Department of Environment and Natural Resources, Ore has a nickel resource of 54.55 million dry metric tons.
Read here
MANILA, Philippines—Nickel miner Oriental Peninsula Resources Group Inc. (Ore) is seen ending the year with a modest net income after tax of P92.69 million, a turnaround from the loss of P44.15 million last year, as it prepares to ship ore to overseas buyers starting next month, according to investment house First Metro Investment Corp.
In a December 20 paper titled “World-Class Jewel Yet to Be Priced in,” FMIC senior analyst Cristina Ulang said Ore was expected to start ore shipments to overseas buyers by January, putting the company in a position to chalk up a net profit of P1.24 billion in 2011 and P1.56 billion in 2012.
The research also projected that Ore would be able to breach the P2-billion net profit mark by 2014.
“We think that the major attraction is that there exists nickel in the mine sites. There is the presence of commercially viable quantities of high-grade nickel,” Ulang explained in an interview.
She noted that the explored areas of Ore’s two mines—Toronto and Pulot, which are both in Palawan—represent only 13 percent of Ore’s 25-year contract with the government involving 2,176 hectares.
According to estimates by the mines and geosciences bureau of the Department of Environment and Natural Resources, Ore has a nickel resource of 54.55 million dry metric tons.
Read here
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