Benguet Corporation reported a consolidated net income of P1.18 billion in the first nine months of 2011, a substantial reversal from the net loss of P58.3 million in the same period last year.
In a disclosure to the Philippine Stock Exchange, Benguet said the strong earnings performance was the result of increased gold and nickel production, higher metal prices and gain from the continuing settlement of the its debt, as well as from the accelerated payment for the sale of its Kingking project.
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Operating revenues for the nine-month period increased by 139 percent to P657.5 million from P274.9 million for the same period in 2010. Mining operations contributed P597 million or 91 percent of operating revenues.
Benguet said its Sta. Cruz Nickel Project accounted for P339.6 million, while the Acupan gold operation contributed P251.4 million.
The Acupan gold mine reported net earnings of P72.7 million, or 28 percent higher than the P56.7 million in the same period in 2010. This is primarily due to higher gold production of 3,257 ounces compared to last year’s 2,169 ounces, and gold price hike averaging $1,546 per ounce against $1,186 per ounce in 2010.
Acupan is pursuing its expansion program to bring production to 200 tons per day within the year and 300 tons per day by 2012.
Benguetcorp Nickel Mines, Inc. (BNMI), a wholly owned subsidiary, generated net earnings of P83 million from nickel ore shipments from its Sta. Cruz Nickel Project, as against nil in the same period in 2010.
BNMI, in the third quarter, signed an off-take agreement for the sale and delivery of 1.8 million tons of high grade nickel ore over a period of three years. BNMI is now undertaking research and feasibility studies on applicable processing technology for its low grade nickel ore to produce higher valued nickel products. - (Manila Bulletin / by JAL)
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