Benguet Corp. announced on Wednesday that its subsidiary has remitted dividends as it earned from its shipment of high-grade nickel ore.
In a disclosure to the Philippine Stock Exchange, the mining firm said its unit, Benguetcorp Nickel Mines, Inc. (BNMI), has paid cash dividends to the parent equivalent to P32 per share.
Last year, BNMI earned an income of P101 million from direct shipping ore operations in Sta. Cruz, Zambales involving high-grade nickel ore.
BNMI is studying different processes to produce higher value material from its low-grade nickel for export as the company aims to transform itself from a direct exporter into a processed nickel producer. To attain this, BNMI has tied up with Beijing Shenwu Thermal Energy Technology Corporation, Inc., a Chinese institute engaged in research, design and development of thermal energy technology.
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In the third quarter, Benguet earned a net income of P595.9 million, almost 20 times higher than the P30 million it earned the same period last year, buoyed by the net operating income of P44 million from the Sta. Cruz Nickel Project (SCNP) and Acupan Contract Mining Project. The extraordinary gain of P423 million from the Kingking transaction allowed Benguet to turn around its finances for the first nine months of the year.
In the same period, BNMI generated net earnings of P54.9 million from nickel ore shipments from its SCNP and P83.1 million during the nine-month period. - (InterAksyon)
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