ORE might be one of the next big things in the nickel ore industry in the Philippines, not to mention its future sustainable projects. Having a steady supply of nickel ore resources and continuous practice of responsible mining operation in Southern part of Palawan, the regular surge of revenue will be anticipated annually.
In 2017 annual report, the company presented a net income of 290.92%. It went up to P287.68 from -150.68 million. Its reported gross revenue is 1.63 billion or 230% from 494 million in 2016. Its gross expense, however, also went up to P1.27 billion or 90% from P668 million in 2016. The smooth recovery of figures is a very good buy indicator for investors while the share price is considerably low.
Recently, its subsidiary, Citinickel Mines and Development Corporation acquired permission to operate for 25 years which started in 2007. The company has two operating mines; Pulot and Toronto Mine in Palawan.
The company is also gearing toward sustainable mining industry in Palawan. As an ISO certified company, its environmental, safety and community development performances even exceeded the expectations of members of regulating bodies who regularly monitoring the mining sites.
In fact, In the recent 38th National Convention of Pollution Control Association of the Philippines, Inc (PCAPI) held at Bacolod, the Company garnered 3 environmental awards; 1) Success Story Award for 5.5 Ha Mangrove Restoration Efforts in Sitio Caramay, Pulot Shore Espanola,
2) Mother Nature Award and
3) Outstanding Pollution Control Officer (PCO) of Pollution Control Association of the Philippines, Inc. (PCAPI) for its PCO. Those awards are truly exceptional for such mining company that practices responsible mining in the Philippines.
The company delivers most of its nickel ore to China and Japan in response to the shortage of this commodity.
Is ore a buy? In my opinion, it is a Yes.
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