Benguet Corporation

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Benguet Corporation (PSE: BC) is a publicly-listed mining company incorporated in 1903. To date, the company has existed for 107 years. Benguet Corporation pioneered the first major mining operation in the Philippines. It is primarily engage in the business of mineral exploration and development, and currently produces and markets gold, nickel laterite ore and limestone. The company has mining claims including Sta. Cruz Nickel, Surigao Coal Acupan and Ampucao Gold Copper, Kingking Porphyry Copper Gold, Pantingan Gold, Ilocos and Kalinga-Apayao mineral prospects, which are projected to be producing long-term revenues for the company.

As of January 31, 2011, Benguet Corporation has a total market capitalization of P 1.3 billion and share price of P13.50.

Contents

Company profile

Benguet Corporation was originally founded as Benguet Consolidated Mining Company in 1903 and was incorporated in 1956 as Benguet Consolidated, Inc. In 1980, the company once again changed its name from Benguet Consolidated, Inc. to its current company name. Up until 1980, Benguet Corporation was the largest mining company in the Philippines and was even the 16th largest in the world.

It was engaged in mineral exploration and development and is currently produces and markets gold, nickel laterite ore and limestone. It continues to stake claims on various mineral properties which are now in various stages of business development. These include the Sta. Cruz Nickel, Surigao Coal, Acupan and Ampucao Gold Copper, Kingking Porphyry Copper Gold, Pantingan Gold, Ilocos and Kalinga-Apayao mineral prospects, all projected to be major long-term revenue earners for the Company.

In 1975, Benguet Corporation and Dizon Copper-Silver Mines, Inc. entered into an operating contract wherein the latter developed and operated on the 57 mining claims the former has. These mining claims in San Marcelino Zambales had a total mining area of 513 hectares. Under their contract Benguet Corporation as the operator was to receive 50% of the excess of receipts over disbursements and Dizon Copper-Silver Mines, Inc. the balance of 50%.

In 1997, both parties signed a Memorandum of Agreement and after more than 20 years, of exploration and operation, Benguet Corporation had turned over its rights over the mining claims.

Mining operations

  • Acupan Contract Mining Project in Benguet Gold Operation, Itogon Benguet
  • Antamok Contract Mining Project in Benguet Benguet Antamok Gold Operation, Itongon Benguet
  • Irisan Lime Project, Baguio City

Exploration, Research and Development

  • Kingking Copper-Gold Prospect, Pantukan Compostella Valley.
  • Sta. Cruz Nickel Project, Sta. Cruz Zambales
  • Balatoc Tailings Project, Itogon Benguet
  • Batong Buhay Mines, Kalinga Province
  • Ampucao Copper Gold Porphyry Prospect, Itogon, Benguet
  • Boringot Epithermal Gold Prospect, Pantukan, Compostela Valley
  • Pantingan Gold Prospect, Bagac, Bataan Province
  • Zamboanga Gold Prospect, R.T. Lim Zamboanga del Sur

Other businesses

  • Benguet Laboratories

Benguet Laboratories is healthcare provider for Health and Maintenance Organization (HMO) and walk-in clients.

  • Benguet Management Corporation

Benguet Management Corporation was incorporated to manage the non-mining businesses of the company. These include Arrow Freight Corporation, a logistics and trucking company. Benguetrade, Inc., the trading arm of the Benguet Management Corporation supplies industrial and environmental equipments to industrial companies. BMC Forestry Corporation is the company developing the Woodspark Rosario residential subdivision in Rosario, La Union.

Other business developments

In December 2009, Benguet Corporation entered into a Memorandum of Agreement with Minmetals International Limited for the latter to be the funding source of the financial requirements to bring the Kingking project into full operation. This also included the advances and pre-operating costs.

Financial condition

After the first three quarters of 2010, Benguet Corporation operating revenues rose to P274.9 million from P108.9 million of the same period last year. This was because of the receipts in Nickel mining operation in Sta. Cruz Zambales. Total assets amounted to P3.7 billion and total liabilities amounted to P5.4 billion.

External links

Citation

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