Filipino-owned Marcventures Mining and Development Corporation is investing P474 million to mine nickel ore in Cantilan, Surigao del Sur with capacities of up to 800,000 wet metric tons (WMT) per year.

The Board of Investments (BoI) has approved the project with incentives as it is located in Surigao, which is categorized as one of the country’s 30 poorest provinces.

The P474 million provides the much needed economic boost to the province with the employment of 215 personnel and the increase in revenues of the municipality,” Trade and Industry and BoI Chairman Jesli A. Lapus said.

Nickel is commonly used in producing stainless steel, super alloys, electroplating, batteries, coinage, magnets and other industrial and commercial materials.

“Investments in mining provide marginal communities not only livelihood for its residents but also necessary infrastructure for development such as roads and electricity,” Lapus said.

“Big ticket projects like these build and develop communities as they attract small businesses to flourish in which include food, transport and housing,” Lapus said.

The government gives incentives to firms locating in the marginal provinces so that their operations become viable. In turn, investments in the areas spur development and help these areas can catch up with the developing provinces, Lapus said.

“Capital infusion of the private sector, notably big businesses, is vital in countryside development,” Lapus said.

Operations are expected to start this month.

The firm will employ open pit mining in an area covering 4,799 hectares covered by a Mineral Production Sharing Agreement.

The company is majority owned by Mario G. Vijungco and Dy Chi Hing, who are prominent traders in various businesses in Mindanao. Ramon Recto, its current president, used to head one of the largest mining companies in Lepanto and is currently chair of Ivanhoe Philippines, a subsidiary of Ivanhoe Mines Ltd., a prominent international mining firm.