Zambales' Benguet gets mine offers
By Jenniffer B. Austria
At least 12 foreign mining companies have expressed interest to forge a joint venture with Benguet Corp. in developing its Kingking copper and gold mine deposits in Davao del Norte province, a top official said yesterday.
Benguet president Benjamin Philip Romualdez told reporters yesterday following the company’s annual stockholders meeting that Benguet is in talks with the 12 firms for possible tieup. He declined to identify the interested companies.
He said the company expects to select a joint venture partner by the third quarter of the year.
The three-year development of the Kingking project is expected to cost $500 million, officials said.
Benguet until the late 1980s was the biggest gold mining company in the Philippines and the 16th largest in the world. Its chromite operation in Masinloc, Zambales province, known internationally as “Masinloc Ore,” and its highly profitable Dizon Copper Gold operation in San Marcelino, Zambales were the largest in the Philippines.
Benguet has hired Citigroup as financial adviser of the project. As such, Citigroup will present options on how to develop the Kingking copper gold project and identify potential partners to bring it into commercial operations.
Preliminary findings show that Kingking has a reserve of 353.48 million tons of gold and copper reserves.
Benguet posted net income of P52 million in 2005, a turnaround from the P793 million loss it registered 2004.
Romualdez, in a report the company’s stockholders, attributed the turnaround to the capitalization of the P290 million Bago mine, capital development provision in favor of the bulk water project and reversal of Benguet Management Corp.’s accrued interest expense of P193 million as a result of successful debt settlement efforts with creditors.
The company said it plans to take advantage of the renewed interest in the local mining industry this year by forging partnerships in its various mining projects.
Benguet is also developing the Sta. Cruz nickel project in Zambales, the Surigao coal project and the expansion of Acupan gold mine in Itogon, Benguet.
It also plans to start the implementation of the bulk water supply project in Baguio City. The project requires the company to deliver 50,000 cubic meters of potable water to Baguio City.
Benguet will obtain raw water from a proposed 7 million-cubic-meter capacity reservoir to be converted from the company’s mined out open pit in Antamok, Itogon province.
At least 12 foreign mining companies have expressed interest to forge a joint venture with Benguet Corp. in developing its Kingking copper and gold mine deposits in Davao del Norte province, a top official said yesterday.
Benguet president Benjamin Philip Romualdez told reporters yesterday following the company’s annual stockholders meeting that Benguet is in talks with the 12 firms for possible tieup. He declined to identify the interested companies.
He said the company expects to select a joint venture partner by the third quarter of the year.
The three-year development of the Kingking project is expected to cost $500 million, officials said.
Benguet until the late 1980s was the biggest gold mining company in the Philippines and the 16th largest in the world. Its chromite operation in Masinloc, Zambales province, known internationally as “Masinloc Ore,” and its highly profitable Dizon Copper Gold operation in San Marcelino, Zambales were the largest in the Philippines.
Benguet has hired Citigroup as financial adviser of the project. As such, Citigroup will present options on how to develop the Kingking copper gold project and identify potential partners to bring it into commercial operations.
Preliminary findings show that Kingking has a reserve of 353.48 million tons of gold and copper reserves.
Benguet posted net income of P52 million in 2005, a turnaround from the P793 million loss it registered 2004.
Romualdez, in a report the company’s stockholders, attributed the turnaround to the capitalization of the P290 million Bago mine, capital development provision in favor of the bulk water project and reversal of Benguet Management Corp.’s accrued interest expense of P193 million as a result of successful debt settlement efforts with creditors.
The company said it plans to take advantage of the renewed interest in the local mining industry this year by forging partnerships in its various mining projects.
Benguet is also developing the Sta. Cruz nickel project in Zambales, the Surigao coal project and the expansion of Acupan gold mine in Itogon, Benguet.
It also plans to start the implementation of the bulk water supply project in Baguio City. The project requires the company to deliver 50,000 cubic meters of potable water to Baguio City.
Benguet will obtain raw water from a proposed 7 million-cubic-meter capacity reservoir to be converted from the company’s mined out open pit in Antamok, Itogon province.
posted by OlongapoCity Zambales at
7:17 AM
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