Rep. Caroline Tanchay-led nickel mining firm Oriental Peninsula Resources Group Inc. reported that its fortune turned with losses amounting to P367.51 million in the first nine months of 2023 from a net income of P272.4 million in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said it failed to make any shipment in the third quarter this year as bad weather has hampered operations throughout 2023.
Revenues was almost halved at P699 million in the first nine months of 2023 from P1.37 billion in the same period last year due to a steep drop in nickel ore sales to P366.8 million from P1.54 billion.
“For 2023, the group (targeted) 25 vessels for export sales,” the firm said noting that it only managed to sell five vessels, four of which were for the China market and one for the Japan market during the nine-month period.
No shipments made during the months of July to September compared to the same period in 2022 when it generated P136.6 million from ore sales and gross revenues of P209.66 million against losses of P291.89 million in the third quarter of 2023.
It added that, “During the third quarter of 2023, mining operations and sales (were) greatly affected by the bad weather conditions and the continued downtrend of the market price of nickel laterite ore.”
The firm said it will continue to improve the necessary equipment and facility in the mine sites in Palawan. The Company is also looking into establishing a ferro-nickel plant.
The group continued doing production or mining operation when the weather condition permits. It also continually maintained and improved its mining facilities, and on-going progressive rehabilitation and revegetation.
Oriental Peninsula’s nickel ore export destinations are China, Japan and Australia.