Marcventures Reports Bauxite Reserves Of 73.2 Million WMT In Samar
18 December 2018 by Staff
Filipino mining firm Marcventures Holdings, Inc. revealed in a regulatory filing last week that the company’s Bauxite Mining Project in Samar encompasses 73.2 million wet metric tons of bauxite ore.
Per the SRK-JORC Compliant Report filing with the country’s stock exchange, Marcventures estimated that the outcropping could provide a steady supply of 4 million wet metric tons of bauxite ore per annum for up to two decades.
Marcventures own and operate the country’s only two bauxite ore mines, located across the municipalities of Motiong, Paranas, Gandara, San Jose de Buan, San Jorge, and Matuguinao, roughly 15 to 20 miles northeast of Samar’s capitol Catbalogan City. The firm acquired title to the minerals due to its merger with Asia Pilot Mining Philippines Corporation, yielding it 100 percent of the outstanding shares of Alumina Mining Philippines, Inc. and Bauxite Resources, Inc.
The estimates, which were validated by a Philippine Mineral Reporting Code (PMRC) report went on to say that the cache could be even greater, specifying an additional inferred tonnage of 45.7 million wet metric tons.
Marcventures expressed strong optimism in the success of the project due to the projected high margins and the overall strong state of global demand for aluminium, especially considering the increased demand in applications including electric cars, batteries, aerospace, and construction, among others.