Oriental Peninsula Resources Group (ORE), a nickel mining firm owned by bilyonaryo and politician Caroline Tanchay, swung to a net loss of P362.86 million in the nine months through September this year, weighed down by lower revenues.
This marked a reversal from the P270.08 million profit in the first nine months of 2022.
Revenues plunged by 49 percent to P699 million due to adverse weather conditions and the sustained downward trend in the market price of nickel laterite ore during the third quarter. Mining operations and sales bore the brunt of these challenges.
During the nine-month period, ORE managed to sell only five vessels, with four designated for the China market and one for Japan. There were no shipments during the months of July to September.
Looking ahead, the group aims to achieve sales for 25 vessels in the export market.
ORE expressed its commitment to enhancing equipment and facilities at its mine sites in Palawan and exploring the possibility of establishing a ferronickel plant.
“On the corporate side, the company will persist in promoting good corporate governance and pursuing its objective to be a company with a definitive, concrete, and effective corporate social responsibility, with a special focus on health, education, and the environment,” said ORE.